AsemconnectVietnam - Tan Tao Investment and Industry Corporation (code ITA - HOSE) recorded a profit of VND68 billion in Q3, with a cumulative profit of VND132.21 billion in the first 9 months of 2024, up 15.1% year-on-year.

Profit declines in Q3
In Q3/2024, Tan Tao recorded revenue of VND149.15 billion, down 17.6% year-on-year, and after-tax profit of VND68 billion, down 13.1% year-on-year. Of which, gross profit margin improved from 59.8% to 63.5%.
In the period, gross profit decreased by 12.5% year-on-year, equivalent to a decrease of VND13.48 billion, to VND94.72 billion; Financial revenue increased 45.6 times compared to the same period, equivalent to an increase of VND2.28 billion, up to VND2.33 billion; financial expenses increased by VND4.29 billion, up to VND2.64 billion (the same period recorded a negative VND1.65 billion); sales and business management expenses increased by 14.1%, equivalent to an increase of VND2.39 billion, up to VND19.4 billion and other activities fluctuated insignificantly.
Explaining the reason for the 13% decrease in profit in the third quarter, Tan Tao said that after the stock was suspended from trading since September 26, leading to the Bank not lending capital, many investors stopped negotiating to buy, sell, and lease land and factories.
It is known that on September 16, the Ho Chi Minh City Stock Exchange (HOSE) decided to suspend ITA shares and the official suspension period is from September 26 due to late submission of the 2023 and 2024 audited financial statements.
Statistics from September 16 to September 25, ITA shares decreased by 27.5%, from VND3,240 to VND2,350/share.
Returning to the business situation, in the first 9 months of 2024, Tan Tao recorded revenue of VND291.39 billion, down 9.8% over the same period, and after-tax profit of VND132.21 billion, up 15.1% over the same period last year.
In 2024, Tan Tao plans to have revenue of VND530 billion and after-tax profit of VND178 billion.
Thus, with a profit of VND132.21 billion in the first 9 months of 2024, Tan Tao has completed 74.3% of the 2024 plan.
In addition, in terms of cash flow, in the first 9 months of 2024, Tan Tao recorded a negative main business cash flow of VND88.3 billion compared to the same period of positive VND34.1 billion. In addition, in the same period, investment cash flow was positive VND47.2 billion and financial cash flow was positive VND78.3 billion.
Tan Tao made advances to a series of organizations before being suspended from trading on the HOSE
In terms of asset size, as of September 30, 2024, Tan Tao's total assets increased by 1.6% compared to the beginning of the year, equivalent to an increase of VND197.5 billion, to VND12,282.2 billion. Of which, the main assets in inventory were recorded at VND3,670.3 billion, accounting for 29.9% of total assets; long-term unfinished assets were recorded at VND3,185.9 billion, accounting for 25.9% of total assets; long-term receivables were recorded at VND2,835 billion, accounting for 23.1% of total assets; short-term receivables were recorded at VND1,893.4 billion, accounting for 15.4% of total assets... Notably, Tan Tao has made large advances to a series of organizations. Of which, VND923.5 billion was advanced to Tan Tao University Joint Stock Company; VND273.9 billion to Tan Dong Construction Investment & Development Joint Stock Company; VND197.4 billion to ITA - Rice Fragrant Rice Research & Export Investment Joint Stock Company; VND160.9 billion to Phuong Nam Informatics Investment & Construction Consulting Joint Stock Company; VND151.3 billion to Tan Tao Energy Joint Stock Company …
In addition, in terms of capital, at the end of the third quarter, total short-term and long-term debt increased by 186.9% compared to the beginning of the year, equivalent to an increase of VND82.8 billion, up to VND127.1 billion and equal to 1.2% of total equity (at the beginning of the year, outstanding debt was VND44.3 billion and equal to 0.4% of total equity).
N.Nga
Source: VITIC/Tinnhanhchungkhoan