AsemconnectVietnam - Business is going down in the first quarter of 2024, Long Hau Corporation (code LHG - HOSE) wants to sell capital at Saigon - Hiep Phuoc Port Joint Stock Company.

On June 4, Long Hau approved the divestment plan at Saigon - Hiep Phuoc Port Joint Stock Company, and assigned Mr. Tran Hong Son, General Director, to hire an independent unit with sufficient capacity to evaluate the Company's capital contribution and present a specific divestment plan.
It is known that at March 31, 2024, Long Hau owns 80,000 shares, equivalent to an investment value of VND80 billion in Saigon - Hiep Phuoc Port Joint Stock Company, and is accounting for it as a capital contribution investment in another unit.
In terms of business activities, in the first quarter of 2024, Long Hau recorded revenue of VND76.25 billion, down 34.1% over the same period, after-tax profit recorded VND31.45 billion, down 32.3% over the same period last year. In which, gross profit margin improved from 50.5% to 53.3%. During the period, gross profit decreased by 30.4% over the same period, equivalent to a decrease of VND17.78 billion, to VND40.64 billion; financial revenue increased slightly by 3.7%, equivalent to an increase of VND0.59 billion, to VND16.74 billion; financial expenses increased by 10.8%, equivalent to an increase of VND0.36 billion, to VND3.7 billion; Sales and administrative expenses increased by 10%, equivalent to an increase of VND1.29 billion, to VND14.23 billion, and other activities fluctuated insignificantly.
Thus, other activities fluctuated insignificantly, Long Hau's profit in the first quarter of 2024 decreased mainly due to a sharp decline in revenue.
In addition, Long Hau explained that the sharp decline in revenue was mainly due to a decrease in revenue from leasing land with developed infrastructure and ready-built factories according to requirements from VND53.9 billion to only VND0.17 billion.
In 2024, Long Hau set a business plan with a total revenue of VND743.7 billion, expected after-tax profit of VND131.46 billion. Thus, ending the first quarter of 2024 with a profit of VND 31.45 billion, Long Hau completed 23.9% of the profit plan of VND131.46 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan