AsemconnectVietnam - Vinahud Housing and Urban Development Investment Joint Stock Company (stock code: VHD) announced its consolidated financial report for the second quarter of 2024 with net revenue of more than VND69 billion, down 12% over the same period.

During the quarter, Vinahud had an additional VND11 billion in financial revenue, but interest expenses increased by 44% to nearly VND62 billion. After deducting expenses, the company had a loss after tax of VND55 billion. In the first 6 months of the year, Vinahud's net revenue reached VND119 billion, down 21% and a loss after tax of VND106.5 billion.
According to Vinahud's explanation, the loss after tax in the second quarter was due to the parent company incurring interest expenses.
By the end of the second quarter of 2024, the debt payable was VND4,913 billion, an increase of nearly VND200 billion compared to the beginning of the year. Of which, financial debt reached more than VND2,628 billion, an increase of 11% over the same period and accounting for about 54% of total outstanding debt.
Of which, the large debts mainly came from TPBank with an amount of VND1,986 billion. This is the loan that Vinahud borrowed last year to carry out the acquisition of a subsidiary of the R&H Group ecosystem of Mr. Truong Quang Minh, Chairman of Vinahud's Board of Directors.
Specifically, Vinahud borrowed VND950 billion to pay for the purchase of capital contributions at Friends Investment and Construction Company Limited to own the right to develop the Grand Mercure Hoi An project; borrowed VND760 billion to pay for the purchase of capital contributions at Me Linh Thinh Vuong Company Limited to develop the Tien Phong Flower Village Residential Area project.
The acquisition of these two projects raises many questions for shareholders and investors as it takes place shortly before the maturity of 3 bonds with a total par value of VND2,500 billion of R&H Group Joint Stock Company.
According to the plan, Vinahud will hold its annual General Meeting of Shareholders (AGM) on August 29, 2024. At the 2024 AGM, Vinahud's board of directors will present the 2024 business plan with revenue and profit after tax for the whole year of VND603 billion and VND 18.8 billion. According to VHD's board of directors, the Company's 2024 profit plan is based on the operations of its subsidiary (Xuan Phu Hai - investor of Grand Mercure Hoi An).
It is expected that when the market improves, it will promote sales programs in late 2024 and 2025. At the same time, the Company is still looking for investors to be able to sell a part of the capital of the Lang Hoa project, thereby having more revenue to pay off the loan costs.
Vinahud's goal in 2024 is to continue to deploy construction and complete the low-rise area (villa) of the Grand Mercure Hoi An project, complete the handover of apartments to customers. At the same time, complete related procedures to build the high-rise area and plan to open for sale when the real estate market shows signs of improvement.
In addition, another notable content that will be discussed at this Congress is the transfer of Vinahud's capital contribution at Me Linh Thinh Vuong Company Limited and early payment of the loan at TPBank.
N.Nga
Source: VITIC/Tinnhanhchungkhoan