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 9 months of 2025.

In the third quarter of 2025, Van Phat Hung recorded revenue of VND38.58 billion, an increase of 110% over the same period; after-tax profit lost VND10.17 billion compared to the same period, a record profit of VND183.32 billion, a decrease of VND193.49 billion. In which, gross profit margin decreased from 36.6% to 1%.
In the period, gross profit decreased by 94.3% over the same period, equivalent to a decrease of VND6.34 billion, to VND0.38 billion; Financial revenue decreased by 98.5%, equivalent to a decrease of VND350.44 billion, to VND5.29 billion; financial expenses decreased by 91.8%, equivalent to a decrease of VND82.94 billion, to VND7.37 billion; sales and administrative expenses decreased by 81.6%, equivalent to a decrease of VND41.12 billion, to VND9.25 billion and other activities fluctuated insignificantly.
Thus, with the gross profit in the third quarter that Van Phat Hung created not being enough to cover financial, sales and administrative expenses and with the lack of financial revenue, the Company continued to lose money in the third quarter, this being the fourth consecutive quarter of loss.
The Company said that its third quarter business results were a loss of VND10.17 billion, a sharp decrease compared to the same period last year with a profit of VND183 billion due to the transfer of subsidiaries. Another reason is that during the period, the Company did not record real estate business activities, the entire revenue during the period was mostly from construction activities. This construction revenue did not bring profit to the Company because the construction part was assigned to be performed by a third party.
In the first 9 months of 2025, Van Phat Hung recorded revenue of VND81.46 billion, an increase of 140.1% over the same period; after-tax profit was a loss of VND19.61 billion compared to the same period of profit of VND145.12 billion, a decrease of VND164.73 billion.
In 2025, Van Phat Hung plans to have a total revenue of VND157.89 billion, and an expected after-tax profit of VND23.15 billion. Thus, with a loss in the first 9 months of 2025, Van Phat Hung is still far from the yearly plan.
In addition to operating losses, in the first 9 months of 2025, Van Phat Hung also recorded a negative operating cash flow of VND481.5 billion compared to the same period of negative VND361.8 billion. In addition, in the same period, investment cash flow was positive at VND336.4 billion and financial cash flow recorded a negative VND11.34 billion.
According to data on SSI Securities' iBoard, 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 by another VND683.73 billion.
In terms of asset size, as of September 30, 2025, Van Phat Hung's total assets decreased by 3% compared to the beginning of the year, equivalent to a decrease of VND58.6 billion, to VND1,873.3 billion. Of which, the main assets recorded VND865.5 billion in short-term receivables, accounting for 46.2% of total assets; VND386.9 billion in long-term receivables, accounting for 20.7% of total assets; VND195.5 billion in inventories, accounting for 10.4% of total assets and other items. During the period, the main assets fluctuated, including cash and short-term financial investments, down 82.3% compared to the beginning of the year, equivalent to a decrease of VND156.3 billion, to VND33.6 billion; Long-term receivables increased by 68.4% compared to the beginning of the year, equivalent to an increase of VND157.2 billion, to VND386.9 billion...
In addition, in terms of capital sources, by the end of the third quarter, Van Phat Hung's total short-term debt increased by 3.6% compared to the beginning of the year, equivalent to an increase of VND15.5 billion, to VND449.8 billion and equal to 43.7% of total equity.
N.Nga
Source: VITIC/Tinnhanhchungkhoan