AsemconnectVietnam - Due to a sharp decrease in financial revenue from reduced cooperation interest, Tin Nghia Industrial Park reported a 71% decrease in Q3 profit, to VND20.3 billion; however, 9-month profit still increased by 21%, reaching VND116.4 billion.

Tin Nghia Industrial Park Development Joint Stock Company (code TIP - HOSE) has just announced its consolidated financial statements for Q3/2024 with net revenue reaching VND40.5 billion, unchanged from the same period last year. Thanks to a decrease in cost of goods sold of 11%, down to VND17 billion, the company's gross profit increased by 10%, to VND23.5 billion.
Notably, this period, TIP's financial revenue decreased by 91%, to only VND7 billion, the main reason being the reduction in cooperation interest. Although the Company has significantly reduced costs, including financial costs down 98% to VND105.3 million and business management costs down 3% to VND6.9 billion, profit after tax still decreased by 71% to VND20.3 billion.
Accumulated in the first 9 months of 2024, TIP's net revenue reached VND119.6 billion and profit after tax reached VND116.4 billion, up 9% and 21% respectively over the same period last year.
In 2024, TIP plans to do business with total revenue of more than VND264 billion and profit after tax of more than VND165 billion, down 5% and 8% respectively compared to 2023. Thus, after 9 months, TIP has completed 70% of the annual profit target.
By the end of the third quarter, TIP's total assets reached more than VND2,088 billion, up nearly 6% compared to the beginning of the year. Accounting for 67% of TIP's assets are short-term receivables with a value of more than VND1,407.8 billion, concentrated in the investment project of Phuoc An Port Investment and Exploitation Petroleum Joint Stock Company (code PAP) worth VND1,033.2 billion.
This is investment cooperation between TIP and PAP for the two parties to jointly invest, construct, exploit and operate a part of the land in the Phuoc An Industrial Park project. According to the cooperation content, PAP invests in completing the infrastructure and license of the Industrial Park, TIP contributes finance and exploits, trades in land use rights and infrastructure for the maximum cooperative land area of 600,000m2 in Phuoc An Industrial Park.
In addition, TIP has VND70 billion in cash and cash equivalents; VND13.7 billion in financial investment and VND145 billion in inventory. TIP's inventory is unfinished business expenses located at the 18-hectare Tam Phuoc residential area project of more than VND43 billion, Thanh Phu residential area of more than VND59 billion, the market and market street real estate project of nearly VND16 billion, the kiosk construction project of nearly VND5 billion; the rest is real estate goods of more than VND22 billion.
Meanwhile, TIP still has VND261.4 billion in payables, up 10% compared to the beginning of the year, mainly VND151 billion in long-term unrealized revenue.
N.Nga
Source: VITIC/Tinnhanhchungkhoan