AsemconnectVietnam - Sacom Real Estate Joint Stock Company (Samland - code SLD) recorded a profit of VND3,786.7 million in the fourth quarter, cumulatively for the whole year 2023 recorded a loss of VND15,619.5 million.

In the fourth quarter of 2023, Samland Company recorded revenue of VND12 million, down 99.6% over the same period, profit after tax reached VND3,786.7 million compared to the same period, a loss of VND20,458 million, an increase VND24,244.7 million.
During the period, gross profit decreased by 38.1% over the same period, corresponding to a decrease of VND25.4 million, to VND41.2 million; Financial revenue decreased by 74.4%, equivalent to a decrease of VND1,943.2 million, to VND667.5 million; Unexpected financial expenses recorded negative VND6,577.7 million compared to positive VND24,873.1 million in the same period; Sales and corporate management expenses decreased by 29.2%, equivalent to a decrease of VND1,244.4 million, to VND3,013.3 million and other activities fluctuated insignificantly.
Thus, in the fourth quarter, gross profit was only VND41.2 million, lower than sales and administrative expenses of VND3,013.3 million. Samland Company only escaped losses due to recording financial expenses negative to VND6,577.7 million.
Explaining the recording of negative financial expenses, Samland Company said it recorded negative loan interest of VND6,577.7 million.
Cumulatively in 2023, Samland Company recorded revenue of VND3,801.4 million, down 52.2% over the same period and profit after tax continued to be negative VND15,619.5 million compared to the same period of negative VND61,785.9 million.
Thus, Samland Company has experienced two consecutive years of negative profits, with continued losses in 2023. As of December 31, 2023, the total accumulated loss amounted to more than VND48 billion, equal to 6.1% authorized capital.
In addition, in terms of capital, in addition to business losses, 2023 also recorded a sharp decrease in the asset scale of Samland Company.
Specifically, as of December 31, 2023, Samland Company's total assets decreased by 22.3% compared to the beginning of the year, corresponding to a decrease of VND257.7 billion, to VND898.2 billion. Of which, the main assets, long-term unfinished assets, were recorded at VND665.3 billion, accounting for 74.1% of total assets; Short-term receivables recorded VND161.8 billion, accounting for 18% of total assets; and other items.
During the period, short-term receivables unexpectedly decreased by 61.6% compared to the beginning of the year, corresponding to a decrease of VND259.4 billion, to VND161.8 billion. Of which, mainly due to investment cooperation receivables, it decreased from VND145.5 billion to VND89.6 billion; Other receivables decreased from VND249.4 billion, to VND49.5 billion...
In addition, during the period, long-term assets in progress did not fluctuate significantly, increasing by VND18.9 billion, to VND665.3 billion. Of which, long-term unfinished assets are mainly VND530.7 billion for the Nhon Trach Residential Area project and the remaining VND134.6 billion for the Samland Riverside apartment project.
Additionally, also in 2023, for the securities investment portfolio, Samland Company has reduced the investment value from VND56.9 billion, to VND22.4 billion, a decrease of VND34.5 billion. In particular, selling the entire investment portfolio of SJS, HPG and SSI shares, currently only holding VND22.4 billion of DNP shares, making a provision for devaluation of VND1.59 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan