AsemconnectVietnam - Hoa Binh Construction Group Joint Stock Company (HBC code - HOSE) recorded a profit of VND102.4 billion in the fourth quarter of 2023, accumulated loss for the whole year 2023 was VND777.5 billion, bringing the total accumulated loss to VND2,877.8 billion.

In the fourth quarter of 2023, Hoa Binh Construction recorded revenue of VND2,190.58 billion, down 31.9% over the same period; Profit after tax of parent company shareholders recorded VND102.4 billion compared to the same period, a loss of VND1,201.8 billion, an increase of VND1,304.2 billion.
During the period, no longer operating below cost price, the Company's gross profit recorded a positive VND53.46 billion compared to the same period of negative VND426 billion, an increase of VND479.48 billion. In addition, financial revenue recorded a positive VND20 billion compared to the same period of negative VND112.7 billion, an increase of VND132.73 billion; Financial expenses decreased by 17.4% over the same period, corresponding to a decrease of VND28.6 billion, to VND135.43 billion; Sales and corporate management expenses recorded a negative VND206.22 billion compared to the same period, which recorded a positive VND510.7 billion, a decrease of VND716.92 billion.
Although the gross profit generated during the period was lower than financial costs, Hoa Binh Construction still recorded a profit of VND102.4 billion, mainly due to negative sales and management expenses.
Hoa Binh Construction's explanation is mainly due to the reversal of VND310.2 billion in provisions for bad debts in corporate management expenses instead of the same period of VND358.7 billion in the fourth quarter of 2022.
Cumulatively in 2023, Hoa Binh Construction recorded revenue of VND7,546.4 billion, down 46.7% over the same period, and the parent company's profit after tax recorded a loss of VND777.5 billion over the same period loss of VND2,566.8 billion.
With continued losses in 2023, as of December 31, 2023, Hoa Binh Construction has increased its accumulated loss from VND2,100.7 billion to VND2,877.8 billion, equal to 105% of charter capital (charter capital of VND2,741.3 billion).
Regarding asset scale, as of December 31, 2023, Hoa Binh Construction's total assets decreased by 16.3% compared to the beginning of the year, corresponding to a decrease of VND2,539.4 billion, to VND13,054.8 billion. Of which, the main assets were short-term receivables recorded at VND8,492.2 billion, accounting for 65.1% of total assets; Inventory recorded VND2,285.4 billion, accounting for 17.5% of total assets...
In addition, in terms of capital, at the end of 2023, total short-term and long-term debt decreased by 23% compared to the beginning of the year, corresponding to a decrease of VND1,412.9 billion, to VND4,718 billion and equal to 1,040% of ownership equity (ownership equity is only VND454 billion).
N.Nga
Source: VITIC/Tinnhanhchungkhoan