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Tan Tao's profit (ITA) decreased by 78.8% to VND23.88 billion in Q2/2023 

 Tuesday, August 1,2023

AsemconnectVietnam - Tan Tao Industry and Investment Joint Stock Company (code ITA - HoSE) recorded a profit in the second quarter of VND23.88 billion, accumulated in the first 6 months of 2023 recorded a profit of VND39.02 billion, down 69.8% compared to in the same period last year.

In the second quarter of 2023, Tan Tao recorded revenue of VND81.34 billion, down 73.5% over the same period and profit after tax recorded VND23.88 billion, down 78.8% over the same period last year. In which, gross profit margin increased slightly from 47.3% to 50.1%.
During the period, gross profit decreased by 72% over the same period, corresponding to a decrease of VND104.54 billion, to VND40.75 billion; financial revenue decreased by 79.8%, equivalent to VND8.12 billion, to VND2.05 billion; selling and administrative expenses increased by 35.5%, equivalent to an increase of VND4.03 billion, to VND15.38 billion; Other profit was recorded at VND2.67 billion yoy, negative VND0.77 billion, an increase of VND3.44 billion.
Thus, the second quarter's profit decreased mainly due to the plunge in gross profit, at the same time the loss of financial revenue and the increase in selling & administrative expenses.
Accumulated in the first 6 months of 2023, Tan Tao recorded revenue of VND142.85 billion, down 61.5% over the same period and profit after tax recorded VND39.02 billion, down 69.8% compared to the same period last year.
In 2023, the Company set a business plan with revenue and income of VND774.4 billion, net profit of VND257.3 billion. Thus, by the end of the first half of 2023, Tan Tao has only completed 15.2% of the year's profit plan.
In addition to plummeting business, in the first half of 2023, Tan Tao's main business cash flow continued to be negative VND98.48 billion compared to the same period of VND159.78 billion. In addition, the investment cash flow was positive 88.3 billion dong and financial cash flow was VND1.86 billion.
As of June 30, 2023, Tan Tao's total assets decreased slightly by 0.1% compared to the beginning of the year, to VND12,209.1 billion. In which, assets mainly inventory recorded VND3,594.4 billion, accounting for 29.4% of total assets; long-term unfinished assets was VND3,195.7 billion, accounting for 26.2% of total assets; long-term receivables were recorded at VND2,114.1 billion, accounting for 17.3% of total assets; Short-term receivables were recorded at VND1,556 billion, accounting for 12.7% of total assets and other items.
During the period, assets fluctuated, mainly short-term receivables decreased by 56.7% compared to the beginning of the year, equivalent to a decrease of VND2,033.84 billion, to VND1,556 billion; long-term receivables increased by VND2,110.4 billion, to VND2,112.6 billion (VND2.2 billion at the beginning of the period)…
Tan Tao explained changes in receivables, mainly other short-term receivables, down from VND3,686.8 billion to VND1,700.4 billion; long-term other receivables increased from VND2.18 billion to VND2,112.58 billion.
In which, Tan Tao has other receivables worth VND2,708.5 billion from related parties. In which, VND1,253.3 billion Tan Tao Energy Development JSC; VND674.46 billion in advance payment of Tan Tao University Joint Stock Company; paid an advance of 6.5 billion dong to Ms. Maya Dangelas, Chairman of Tan Tao Board of Directors...
In addition, it is worth noting that by the end of the second quarter, Tan Tao only had VND9.21 billion in cash and cash equivalents compared to the beginning of the year was VND17.57 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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