COMA 18 (CIG) reduced profits by more than 60% after auditFriday, September 15,2023
AsemconnectVietnam - COMA 18 Joint Stock Company (stock code CIG - HOSE) has just announced its reviewed financial statements for the first half of 2023 with profit after tax down 60%, to VND5 billion.
According to the reviewed financial report, net revenue in the first 6 months of the year remained unchanged at VND44.1 billion. However, mainly business management costs increased by 211%, to nearly VND11 billion because the Company accounted for an additional provision for bad debts of more than VND7.2 billion, so the corporate profit after tax dropped 60%, from VND12.6 billion to VND5 billion.
Compared to the same period in 2022, COMA 18's net revenue increased sharply by 59%. The company said revenue comes from construction contracting, consulting revenue, and industrial cluster infrastructure rental revenue and wastewater fee collection at Thanh Oai Industrial Cluster. Thanks to that, profit after tax also improved from a loss of VND6 billion to a profit of VND5 billion.
As of the end of the second quarter, total corporate assets reached VND720.6 billion, down slightly compared to the same period last year. Of which, the business only has nearly VND1.3 billion in cash. Inventories decreased slightly to VND46.27 billion. The Company's short-term receivables also decreased by 11.4%, to VND494.9 billion; The company also has to reserve VND19 billion for short-term bad debt.
Meanwhile, COMA 18 still has nearly VND554 billion in liabilities, a decrease of 2.4% compared to the beginning of the year. Notably, short-term payables to sellers increased by 21.3%, to VND157.2 billion; Short-term payable expenses increased slightly to VND156 billion and financial lease debt decreased slightly to VND178.4 billion.
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