AsemconnectVietnam - Sales returns are higher than revenue, LDG Investment Joint Stock Company (LDG code - HOSE) continues to lose money in the first quarter of 2024, eliminating all accumulated profits accumulated up to now.

In the first quarter of 2024, LDG Investment recorded negative revenue of VND130.2 billion compared to the same period, positive VND0.71 billion, the parent company's after-tax profit recorded negative VND124.9 billion compared to the same period negative VND70 billion, an additional loss of VND54.92 billion.
Notably, during the period, negative net revenue was mainly due to recorded revenue of VND10.3 billion but reduced revenue of VND140.48 billion.
In addition, in addition to operating below cost, leading to a negative gross profit of VND69.03 billion, LDG Investment also recorded a decrease in financial costs of 4.2% over the same period, equivalent to a decrease of VND1.97 billion, about VND45.05 billion; Sales and corporate management expenses decreased by 55.1%, equivalent to a decrease of VND13.97 billion, to VND11.38 billion and other activities fluctuated insignificantly.
Thus, with business below cost price and additional financial costs, sales and corporate management costs, LDG Investment continued to increase losses in the first quarter of 2024.
In 2024, LDG Investment plans a revenue of VND167 billion compared to the same period, recording revenue of VND36.5 billion, expected profit after tax of VND2.5 billion compared to a loss of VND527.2 billion in the year 2023.
With a continued loss of VND124.9 billion, LDG Investment is very far from its plan to be profitable in 2024.
Furthermore, with continued losses in the first quarter of 2024, as of March 31, 2024, LDG Investment has officially written off all accumulated profits accumulated over many years, moving from a profit of VND117.8 billion to Accumulated loss of VND7.07 billion.
As of March 31, 2024, total assets of LDG Investment decreased slightly by 0.9% compared to the beginning of the year, corresponding to a decrease of VND68.2 billion, to VND7,200.2 billion. Of which, cash is only VND6.7 billion but total debt is up to VND1,328.5 billion, equal to 51.3% of equity.
LDG Investment explains the main loans of VND447 billion at Sacombank - District 11 Branch; VND199.57 billion at Vietnam Prosperity Joint Stock Commercial Bank; VND65.47 billion at Southeast Asia Commercial Joint Stock Bank...
Previously, on April 26, LDG Investment held the Annual General Meeting of Shareholders but only 9.43% of the total voting shares attended, so the first General Meeting could not be held. Organization, the Company plans to organize the 2nd Congress within 30 days from April 26.
N.Nga
Source: VITIC/Tinnhanhchungkhoan