AsemconnectVietnam - Bac Lieu Seafood Joint Stock Company (stock code BLF - HNX) has just sent an explanation report to the Hanoi Stock Exchange when it changed from a loss in the second quarter of 2022 to a profit in the second quarter of 2023.

Bac Lieu Seafood Joint Stock Company said that in the second quarter of 2023, the company achieved a profit after tax of VND12.8 billion, while in the second quarter of 2022, a loss of VND6.9 billion. The main reason is that the source of raw materials for vegetables and fruits is in the harvest season, so the output of finished products for export has increased significantly.
In the second quarter of 2023, the Company's revenue reached VND157.2 billion, down 17% compared to the same period last year. But in the period COGS decreased by nearly 27%, so gross profit increased by 55%, reaching VND34.8 billion. Financial revenue tripled compared to the same period last year, reaching VND3.2 billion, while financial expenses increased almost flatly and selling expenses decreased by nearly 16%, and general and administrative expenses decreased slightly, so net profit from operating activities reached more than VND9 billion, while the same period last year lost VND9 billion.
In the second quarter of 2023, the Company also recorded another profit of more than VND3.78 billion, so the total pre-tax accounting profit reached VND12.83 billion. Profit after tax is VND12.83 billion, in the same period last year the company lost VND6.9 billion.
Although the business results in the second quarter of 2023 have improved, but accumulated in the first 6 months of 2023, Bac Lieu Seafood still suffered losses, because the Company had previously had 5 consecutive quarters of losses. The first quarter of 2023 lost VND12.8 billion, the fourth quarter of 2022 lost VND14.3 billion, the third quarter of 2022 lost VND10.3 billion, the first quarter of 2022 and the second quarter of 2022 both lost VND6.9 billion.
Accumulated in the first 6 months of 2023, Bac Lieu Seafood Company recorded a loss of VND97 million, lower than the loss of VND13.9 billion in the same period last year. 6 months' revenue reached VND278.4 billion, down 7% compared to the same period last year.
As of June 30, 2023, Bac Lieu Seafood Company has total assets of VND520 billion, down 8% compared to the beginning of the year. Inventories recorded at VND310 billion, down slightly by 2% compared to the beginning of the year. Current assets are VND424 billion, accounting for more than 81.5% of the company's total assets. Cash and cash equivalents was VND2.2 billion, down 75%. Short-term receivables are more than VND100 billion, accounting for 1/5 of total assets.
In terms of capital structure, the company's liabilities are VND408 billion, down nearly 11% compared to the beginning of the year and 4 times higher than equity (VND111 billion).
BLF shares are under warning due to many reasons including negative after-tax profit in 2021 and 2022, undistributed profit after tax on December 31, 2022 is negative, and the General Meeting of Shareholders has not yet been held annuity more than 6 months from the end of the fiscal year. In addition, this stock is subject to suspension of trading and control.
N.Nga
Source: VITIC/Tinnhanhchungkhoan