TTC Land (SCR) reached nearly VND16 billion pre-tax profit in 9 months, completing 80% of the year's planTuesday, November 7,2023
AsemconnectVietnam - Accumulated for 9 months, net revenue of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code SCR) reached VND272 billion, of which rental and real estate services are still the main source of revenue and growing steadily.
TTC Land's gross profit in 9 months reached more than VND60 billion. Pre-tax profit reached VND15.9 billion, completing 80% of the 2023 plan; Profit after tax reached VND9.5 billion.
At the end of the third quarter of 2023, TTC Land's total assets reached more than VND10,106 billion, a slight increase of 4% compared to the beginning of the year. In the capital structure, total liabilities are nearly VND5,030 billion and equity is more than VND5,077 billion. Quick ratio 1.17 times, current ratio 1.99 times, total debt/equity 0.99 times; lower than the industry average by 2.41 times, 3.16 times and 1.51 times respectively.
According to TTC Land, the TTC Plaza Da Nang project contributes a very high proportion of revenue from rental activities. This is a change in TTC Land's business strategy, a segment that has room to develop and generate profits from effective asset management.
Optimizing revenue from floor rental activities and management services has become an important part of the Company's development strategy. TTC Land's business model is to diversify its revenue structure through enhancing leasing activities and operational management services.
Currently, commercial floor rental projects and operation management services such as: TTC Plaza Binh Thanh, Charmington La Pointe, TTC Plaza Duc Trong, Belleza... and upcoming TTC Plaza Da Nang. TTC Land said that, in the current difficult market context, having a stable income source from leasing and commercial floor management services helps the Company have a stable cash flow.
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