AsemconnectVietnam - Searefico Joint Stock Company (stock code SRF) has just sent a report to the Ho Chi Minh City Stock Exchange explaining its business results in the first quarter of 2024 with a sharp decrease in profits compared to the same period last year.

In the consolidated financial report for the first quarter of 2024, Searefico recorded net revenue of more than VND271 billion, an increase of 6% over the same period last year, but profit after tax decreased by 64.6% over the same period, only reaching more than VND636 million (same period in the first quarter of 2023 profit was nearly VND1.8 billion).
Explaining the decline in profits, the Company said that the Company's business situation continues to be influenced by the macro economy, affecting the gross profits of projects. During the period, the adjustment to corporate income tax and value added due to tax finalization in previous years caused profit after corporate income tax to decrease by 64.6% while profit before corporate income tax was equivalent with the same period.
In its separate financial report for the first quarter of 2024, Searefico recorded a sharp decline in revenue of VND3.4 billion, down more than 72% compared to the same period last year. Profit after tax reached more than VND243 billion, down 6.8% over the same period last year.
The company said that revenue in the period in its separate report decreased because the parent company switched to the Holding model and main business activities transferred to member companies. Financial revenue increased by more than 31.8% from receiving dividends from member companies while financial costs decreased by 65.1% over the same period due to reduced loan balance compared to the first quarter of 2023. In addition, during the period, the adjustment to corporate income tax and value added due to tax finalization in previous years caused profit after corporate income tax to decrease by 6.8% while profit before income tax decreased by 6.8%. Enterprises increased by 106.8%.
Searefico Joint Stock Company has not yet announced its 2023 annual report and 2023 audited financial statements. Recently, the company has explained about this delay and its remedies. The company said that it has announced information about finalizing the list of shareholders and collecting shareholders' opinions in writing to change the independent audit unit. Immediately after completing the procedures for collecting written opinions from shareholders, the Company will quickly select an auditing unit and release the 2023 audited financial statements along with completing the 2023 annual report.
Searefico Joint Stock Company operates in the field of consulting, surveying and designing industrial refrigeration projects, air conditioning, electrical systems, fire prevention, elevators, water supply and drainage, and mechanical engineering in various industries and civil; manufacturing machinery, equipment, refrigeration and electromechanical materials; Construction, interior and exterior decoration of civil and industrial projects at home and abroad...
N.Nga
Source: VITIC/Tinnhanhchungkhoan