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Dabaco Vietnam (DBC): Record loss of VND320.73 billion in Q1/2023 

 Tuesday, May 23,2023

AsemconnectVietnam - Dabaco Vietnam Group Joint Stock Company (code DBC - HoSE) operated below cost, leading to a record loss in the first quarter of 2023.

Eliminate all earned profits and accumulated losses of VND312.6 billion
Dabaco Vietnam has just announced its financial report for the first quarter of 2023. In which, the Company recorded a revenue of VND2,313.7 billion, down 17.5% over the same period and profit after tax recorded a loss of VND320.73 billion over the same period, a profit of VND 8.61 billion, down VND329.34 billion.
During the period, the Company's business was below cost, leading to a negative gross profit of VND70.47 billion compared to the same period and positive VND254.26 billion, down VND324.73 billion; financial expenses increased by 33.7%, respectively increased by VND17.54 billion, to VND69.64 billion; selling and administrative expenses decreased by 3.1%, respectively decreased by VND5.69 billion, to VND180.08 billion and other activities did not change significantly.
It is known that according to statistical data of iBoard of SSI Securities, since listing on HoSE from 2019 to now, the Company has not lost more than VND329.34 billion in any quarter. In addition, if looking from 2007 to now, no quarter has lost more than VND329.34 billion. In which, the latest loss quarter was the fourth quarter of 2022 with a value of negative VND79.14 billion.
Notably, with a loss of VND320.7 billion in the first quarter of 2023, the Company has eliminated all profits earned in previous years, the total accumulated loss is VND312.6 billion and equal to 12.9% charter capital.
In 2023, Dabaco Vietnam Group sets a business plan with revenue of VND24,562 billion and profit after tax of VND569 billion. Thus, with the record loss in the first quarter of 2023, the Company is far from the profit target in the fiscal year.
Negative cash flow 872.3 billion dong
Besides trading below cost, in the first quarter of 2023, the main operating cash flow also recorded negative VND872.3 billion compared to the same period of negative VND113.2 billion. In addition, investment cash flow was negative VND215.2 billion and financial cash flow was positive VND610.1 billion, mainly increasing debt to cover business cash flow deficit.
As of March 31, 2023, Dabaco Vietnam's total assets decreased by 6.5% compared to the beginning of the year, to VND12,136.6 billion. In which, main inventory assets reached VND4,739.4 billion, accounting for 39.1% of total assets; fixed assets recorded VND4,264.9 billion, accounting for 35.1% of total assets; long-term unfinished assets was recorded at VND1,476.7 billion, accounting for 12.2% of total assets and other items.
In addition, by the end of the first quarter of 2023, total short-term and long-term loans increased by 13.3% compared to the beginning of the year, respectively increased by VND610.1 billion, to VND5,200.9 billion and accounting for 42.9 % of total capital.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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