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 half of 2025.

In the second quarter of 2025, Van Phat Hung recorded revenue of VND33.72 billion, up 281.9% over the same period; after-tax profit lost VND0.12 billion compared to the same period of VND23.43 billion.
In the period, gross profit reached VND8.84 billion compared to the same period of VND0.17 billion, an increase of VND8.67 billion; financial revenue decreased by 18.5%, equivalent to a decrease of VND1.5 billion, to VND6.63 billion; Financial expenses decreased by 69.1%, equivalent to a decrease of VND15.21 billion, to VND6.79 billion; sales and administrative expenses increased by 1.3%, equivalent to an increase of VND0.13 billion, to VND10.1 billion and other activities fluctuated insignificantly.
Thus, with the gross profit generated by Van Phat Hung in the second quarter not being enough to cover financial, sales and administrative expenses and with the shortfall in financial revenue, the Company continued to lose money in the second quarter.
Accumulated in the first half of 2025, Van Phat Hung recorded revenue of VND42.88 billion, an increase of 175.4% over the same period; after-tax profit was negative VND9.32 billion compared to the same period, a loss of VND38.2 billion.
In 2025, Van Phat Hung plans to have total revenue of VND157.89 billion, expected profit after tax of VND23.15 billion. Thus, with a loss in the first half of 2025, Van Phat Hung is still far from the full-year plan.
In addition to business losses, in the first half of 2025, Van Phat Hung also recorded a negative operating cash flow of VND213.65 billion compared to the same period of negative VND144.85 billion. In addition, also in the period, investment cash flow was positive VND43.56 billion and financial cash flow was positive VND31.5 billion.
It is known that according to data on iBoard of SSI Securities, Van Phat Hung has just experienced two consecutive years of negative cash flow when in 2023 it was negative VND657.9 billion and in 2024 it was negative VND683.73 billion.
In terms of asset size, as of June 30, 2025, Van Phat Hung's total assets decreased by 1.3% compared to the beginning of the year, equivalent to a decrease of VND25.9 billion, to VND1,906 billion. Of which, the main assets recorded were VND882.7 billion in short-term receivables, accounting for 46.3% of total assets; VND385.1 billion in long-term receivables, accounting for 20.2% of total assets; VND195.2 billion in inventories, accounting for 10.2% of total assets and other items. During the period, the main assets fluctuated, including cash and short-term financial investments, decreasing by 72.9% compared to the beginning of the year, equivalent to a decrease of VND138.4 billion, to VND51.5 billion; Long-term receivables increased by 67.7% compared to the beginning of the year, equivalent to an increase of VND155.4 billion, to VND385.1 billion...
In addition, in terms of capital sources, by the end of the second quarter, Van Phat Hung's total short-term debt increased by 7.3% compared to the beginning of the year, equivalent to an increase of VND31.5 billion, to VND465.8 billion and equal to 43% of total equity.
N.Nga
Source: VITIC/Tinnhanhchungkhoan