AsemconnectVietnam - Hoang Huy Investment Financial Services Joint Stock Company (TCH - HOSE) announced its business results for the fourth quarter of the 2024 fiscal year (January - March 2025) with both revenue and profit decreasing by about 50% compared to the same period.

Specifically, TCH recorded net revenue of VND859 billion, down 46.9% compared to the same period last year; profit after tax reached VND254.5 billion, down 50.7%.
According to TCH's explanation, during the period, the Company continued to hand over real estate products to customers at the Hoang Huy New City project and the Hoang Huy Commerce project (Building H1). However, in the same period last year, the Company and its subsidiaries recorded revenue and profit from a large number of real estate products during the handover period. In this period, the number of products delivered was low and not as concentrated as the same period last year, so the recorded profit was lower than the same period last year.
Meanwhile, products in large projects such as Hoang Huy Commerce (Building H2), Hoang Huy Green River, Hoang Huy New City - II are under implementation and have not yet reached the handover stage.
"This is a common characteristic and normal development in the real estate sector, revenue - profit is not evenly distributed each quarter but will be concentrated according to the investment and sales cycle and the stage of recording revenue and profit", according to TCH's explanation.
As of March 31, 2025, the largest proportion of TCH's real estate inventory was VND5,185 billion of unfinished basic construction costs of the Hoang Huy New City - II project and Hoang Huy Green River project. TCH was formerly an automobile trading enterprise but has shifted to residential real estate, focusing on the Hai Phong market.
TCH's revenue structure clearly shows the shift from an automobile distribution business to a real estate business when the contribution ratio of the automobile segment decreased from 90% in 2018 to 13% in 2024, while the real estate segment increased from 6% to 84%, accounting for the majority of TCH's revenue.
N.Nga
Source: VITIC/Tinnhanhchungkhoan