Phu Quoc Tourism Development and Investment JSC – the company that owns Corona Phu Quoc Casino – has just announced its semi-annual financial report for 2024, revealing a net loss of VND 306 billion. In contrast, during the same period last year, the company recorded a profit of VND 832 billion.
As of June 30, the company’s equity stood at VND 2,980 billion. Its debt nearly doubled to VND 40,800 billion, 13.69 times the equity. Of this debt, VND 7,500 billion, or 18%, was in bonds. Thus, the company’s total assets amounted to approximately VND 43,800 billion.
Data from HNX reveals that between 2016 and 2022, the company actively raised capital through bond issuances, with a total of 32 bond batches offered. Currently, Phu Quoc Tourism has eight bond batches still in circulation, totaling VND 7,500 billion.
One batch, issued in 2016, has been partially repurchased, and its current circulation value stands at VND 2,400 billion with an interest rate of 9.5% per annum. The remaining seven batches were all issued in 2022, carrying a 10% interest rate.
Established in 2014, Phu Quoc Tourism initially had Vingroup as its major shareholder, holding 55% with an initial value of over VND 350 billion. However, by 2021, Vingroup’s annual report showed their stake had decreased to 4.5%.
In March 2022, Vingroup completed the transfer of its remaining 4.5% stake in DPQC for a total value of nearly VND 1,700 billion. The profit from this transaction exceeded VND 1,300 billion, and the recipient of the transfer was not disclosed.
The company also operates a casino, catering to foreigners, overseas Vietnamese, and, on a trial basis, domestic visitors at the Corona Casino Phu Quoc project.
“Charm Diamond Investor Clears Bond Debt, Reports $285,000 Loss in First Half of the Year”
DCT Partners Vietnam JSC, the developer of the Charm Plaza 1 mixed-use complex (branded as Charm Diamond) in Di An City, Binh Duong Province, has successfully repaid VND 2,000 billion in bond debt, reporting a post-tax profit loss of VND 7 billion in the first half of this year.
The Uncertain Future: A Series on Businesses Under Audit Scrutiny
Many newly-listed companies have released their reviewed semi-annual financial statements for 2024. However, auditors have raised concerns about their ability to continue operating as going concerns.
