AsemconnectVietnam - After a year of extraordinary profits in 2024 from project transfers, Van Phat Hung JSC (code VPH - HOSE) announced a loss again in the first quarter of 2025.

In the first quarter of 2025, Van Phat Hung recorded revenue of VND9.16 billion, up 35.9% over the same period; after-tax profit lost VND9.2 billion compared to the same period of VND14.77 billion. In which, gross profit margin decreased sharply from 8.9% to only 2.4%.
During the period, although revenue increased, due to narrowing gross profit margin, Van Phat Hung's gross profit still decreased by 62.4% over the same period, equivalent to a decrease of VND0.37 billion, to VND0.22 billion; Financial revenue decreased by 12.8%, equivalent to a decrease of VND0.98 billion, to VND6.71 billion; financial expenses decreased by 54.2%, equivalent to a decrease of VND7.15 billion, to VND6.04 billion; business management expenses increased by 4.5%, equivalent to an increase of VND0.45 billion, to VND10.41 billion and other activities fluctuated insignificantly.
Thus, with gross profit in the first quarter of 2025 generating only VND0.22 billion, the gross profit generated by Van Phat Hung was not enough to cover financial and business management expenses, so the Company recorded a loss of up to VND9.2 billion.
Van Phat Hung said that the loss of VND9.2 billion was due to the fact that the Company did not record real estate business activities during the period. Meanwhile, the interest expense target decreased significantly compared to the same period due to having paid off most of the due loans.
In 2025, Van Phat Hung plans to have a total revenue of VND157.89 billion, with an expected after-tax profit of VND23.15 billion. Thus, with a loss in the first quarter of 2025, Van Phat Hung is still far from its plan to make a profit in 2025.
Previously, at the end of 2024, Van Phat Hung recorded a revenue of VND47.4 billion, after-tax profit of VND129.5 billion (a loss of VND 0.82 billion in the same period). Meanwhile, financial revenue reached VND379.9 billion, mainly recording VND348.6 billion in profit from equity transfer activities.
Returning to Van Phat Hung's first quarter 2025 financial report, as of March 31, 2025, total assets decreased by 9% compared to the beginning of the year, equivalent to a decrease of VND173.2 billion, to VND1,758.7 billion. In which, the main assets recorded VND788.7 billion of short-term receivables, accounting for 44.8% of total assets; long-term receivables recorded VND229.7 billion, accounting for 13.1% of total assets; inventories recorded VND204.1 billion, accounting for 11.6% of total assets; long-term unfinished assets recorded VND153.6 billion, accounting for 8.7% of total assets and other items.
During the period, assets fluctuated strongly mainly due to the item of cash and short-term financial investments decreasing by 27% compared to the beginning of the year, equivalent to a decrease of VND51.3 billion, to VND138.64 billion; short-term receivables decreased by 13.1% compared to the beginning of the year, equivalent to a decrease of VND118.5 billion, to VND788.7 billion ...
N.Nga
Source: VITIC/Tinnhanhchungkhoan