AsemconnectVietnam - Eastern Group (MDG) has just announced its financial report for the third quarter of 2024 with increased profit, but due to the large loss in the first quarter, the Company has not yet escaped the situation of negative profit in the first 9 months of the year.

The Company said that in Q3/2024, recorded revenue reached more than VND47.9 billion, down 19.56% compared to the same period last year. However, after-tax profit in Q3/2024 reached more than VND3.77 billion, up 408.66% over the same period.
Explaining the reason for the decrease in revenue but increase in profit, the Company said that it was due to the high demand and selling price of stone products in the period compared to the same period. While the Company boosted the consumption of inventory, while reducing interest expenses, sales and management expenses, although revenue decreased by VND11.65 billion (equivalent to 19.56%) compared to the previous period, the Company's profit in the third quarter of 2024 increased by VND3.03 billion (equivalent to 408.66%) compared to the same period last year.
Accumulated revenue in the first 9 months of the year reached VND159.3 billion, down 71.5% compared to the same period last year. Profit after tax in the first 9 months of the year was negative VND10.2 billion, while in the same period last year it was VND4.48 billion. It is known that in the first quarter, the Company lost VND15.4 billion and in the second quarter it only made a profit of VND1.5 billion.
The Company still has debt with LDG Company. In 2023, Mien Dong Company made provisions for this debt. The company's leaders said that LDG Company's debt was not completely lost because LDG Company still had a lot of assets and the ability to recover the debt was high. Currently, the company is waiting for the conclusion of the handling of LDG's project.
MDG shares of Mien Dong Joint Stock Company were put on warning status by the Ho Chi Minh City Stock Exchange from April 8, 2024 because the undistributed profit after tax as of December 21, 2023 on the audited financial statements for 2023 was a negative number. MDG is making efforts to improve the business situation, from the second quarter onwards; the company will start to make a profit again.
N.Nga
Source: VITIC/Tinnhanhchungkhoan