Pomina Steel (POM) recorded a loss of VND504.36 billion in the first 6 months of 2023 after auditFriday, October 20,2023
AsemconnectVietnam - Pomina Steel Joint Stock Company (POM code – HOSE) recorded a loss of VND504.36 billion in the first half of 2023, bringing the total accumulated loss to VND758.1 billion VND, equal to 27.1% of charter capital.
After many delays in submitting semi-annual financial reports and being banned by the City Stock Exchange HCM (HOSE) put stocks under control from October 10. On October 13, Pomina Steel Company announced its 2023 semi-annual financial report audited by Ernst & Young Vietnam Co., Ltd.
The audit emphasized that in the first half of 2023, Pomina Steel Company incurred a loss of VND504.89 billion, increasing the accumulated loss until June 30, 2023 to VND758.1 billion. In addition, also as of June 30, 2023, Pomina Steel Company recorded short-term debt exceeding short-term assets of VND4,376.96 billion, and at the same time Pomina Steel Company had a number of outstanding loans overdue with the amount of VND2,200.1 billion, some short-term payables to sellers are overdue with payment of VND922.2 billion.
“These conditions, together with other matters, indicate the existence of material uncertainties that may cast significant doubt on Pomina Steel Company's ability to continue as a going concern,” the Company said. Ernst & Young Vietnam Limited emphasized.
Trading below cost in the first half of 2023
In terms of business activities, in the first half of 2023, Pomina Steel Company recorded revenue of VND2,192.39 billion, down 73% over the same period last year, the parent company's after-tax profit recorded loss of VND504.36 billion, compared to the same period, loss of VND22.97 billion, a decrease of VND481.39 billion over the same period.
Notably, Pomina Steel Company operates below cost, resulting in a negative gross profit of VND32.21 billion compared to a positive VND348.43 billion in the same period, or a decrease of VND380.64 billion.
It is known that in 2023, Pomina Steel Company plans revenue of VND9,000 billion and profit after tax to record a loss of VND150 billion. Thus, with a record loss of more than VND504 billion in the first half of 2023, this loss has exceeded the plan of only a loss of VND150 billion.
With losses in the first half of 2023, as of June 30, 2023, Pomina Steel Company's total accumulated losses amounted to VND758.1 billion, equal to 27.1% of charter capital.
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