AsemconnectVietnam - TMT Auto JSC (code TMT - HOSE) recorded a loss of VND122.7 billion in the fourth quarter, a record loss of VND315.44 billion in 2024, bringing the total accumulated loss at the end of the year to VND259.7 billion, equal to 69.6% of charter capital.

In the fourth quarter of 2024, TMT Auto recorded revenue of VND649.2 billion, down 1.8% year-on-year, the parent company's after-tax profit recorded a loss of VND122.76 billion compared to the same period, a loss of VND0.21 billion, or a decrease of VND122.55 billion.
Notably, during the period, the business below cost price led to a negative gross profit of VND42.04 billion compared to the same period, a negative VND18.6 billion. In addition, also during the period, financial revenue decreased by 99.7%, equivalent to a decrease of VND69.42 billion to VND0.19 billion; financial expenses decreased by 11.4%, equivalent to a decrease of VND4.2 billion to VND32.72 billion; sales and business management expenses increased by 28.8%, equivalent to an increase of VND9.99 billion to VND44.71 billion; other profits recorded a negative VND1.53 billion compared to the same period of positive VND47.2 billion, a decrease of VND48.73 billion.
Thus, in the last quarter of 2024, in addition to operating below cost price, TMT Auto also had a shortfall in financial revenue and other profits, so it recorded a loss of up to VND122.76 billion.
Accumulated in 2024, TMT Auto recorded revenue of VND2,324.4 billion, down 11.8% over the same period, the parent company's after-tax profit recorded a loss of VND315.44 billion.
It is known that, according to data on iBoard of SSI Securities, since listing in 2010 until now, there has never been a year in which TMT Auto recorded a record loss like in 2024 and the company recorded the lowest profit in 2012 and 2018, both with a profit of VND1.2 billion.
In 2024, TMT Auto plans to have revenue of VND2,645.96 billion, after-tax profit of VND38.57 billion.
Thus, ending 2024 with a recorded loss of VND315.44 billion, TMT Auto has not completed the 2024 plan.
Eliminating all accumulated profits accumulated over many years
With a loss of VND315.44 billion in 2024, as of December 31, 2024, TMT Auto has eliminated all accumulated profits accumulated over many years and recorded an accumulated loss of VND259.7 billion, equal to 69.6% of charter capital (charter capital of VND372.9 billion). In which, at the beginning of the year, the Company also recorded accumulated profits of VND52.7 billion.
In terms of asset size, as of December 31, 2024, TMT Auto's total assets decreased sharply by 32.4% compared to the beginning of the year, equivalent to a decrease of VND704.1 billion, to VND1,465.7 billion. In which, the main assets are inventory, recorded at VND486.97 billion, accounting for 33.2% of total assets; fixed assets recorded at VND284.6 billion, accounting for 19.4% of total assets; short-term receivables recorded at VND287.3 billion, accounting for 19.6% of total assets and other items.
In addition, at the end of 2024, the total short-term and long-term debt amounted to VND627.4 billion, equal to 511.7% of total equity (at the beginning of the year, the ratio of total interest-bearing debt to equity was only 290.7%). In which, short-term debt was VND441.6 billion and long-term debt was VND185.8 billion.
It is known that TMT Automobile has attracted the attention of investors when selling additional electric vehicle products. In particular, TMT Auto started delivering the first Wuling HongGuang Mini EV electric cars in Vietnam in September 2023 with the goal of selling 5,000 cars per year when participating in selling electric cars.
N.Nga
Source: VITIC/Tinnhanhchungkhoan