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Truong Thanh Energy and Real Estate (TEG): Profit increased 10.88 times to VND67.13 billion in Q2/2023 

 Friday, August 11,2023

AsemconnectVietnam - Truong Thanh Energy and Real Estate Joint Stock Company (code TEG – HoSE) recorded a profit of VND67.13 billion in the second quarter, accumulated in the first 6 months of 2023 recorded a profit of VND69.7 billion, up 576% over the same period last year.

In the second quarter of 2023, Truong Thanh Energy and Real Estate recorded VND16.4 billion revenue, equaling 21.3% over the same period and profit after tax was recorded at VND67.13 billion, an increase of 10.88 times over the same period. In which, gross profit margin improved from 15.4% to 22.1%.
During the period, gross profit recorded VND3.62 billion compared to the same period of VND11.84 billion. In addition, financial revenue increased by 133.56 times over the same period, corresponding to an increase of VND105.25 billion, to VND106.03 billion; financial expenses increased slightly by 7.2%, equivalent to VND0.15 billion, to VND2.26 billion; selling and administrative expenses increased by 116.1% over the same period, respectively increased by VND5.51 billion to VND10.25 billion and other activities did not change significantly.
The company shared that financial revenue in the second quarter and first half of 2023 grew mainly because it recorded VND107.6 billion related to profit from liquidation of other short-term and long-term investments.
Accumulated in the first half of 2023, Truong Thanh Energy and Real Estate recorded revenue of VND37.03 billion over the same period of VND138.06 billion and profit after tax recorded VND69.7 billion, up 576 % compared to the same period last year.
It is known that in 2023, Truong Thanh Energy and Real Estate plans to achieve revenue of VND336.16 billion and profit after tax of VND111.47 billion. Thus, by the end of the first half of 2023, the Company completed 62.5% of the year's profit plan.
As of June 30, 2023, the total assets of Truong Thanh Energy and Real Estate decreased slightly by 4.4% compared to the beginning of the year, corresponding to a decrease of VND53.7 billion, to VND1,179.9 billion. In which, the main assets are short-term receivables recorded at VND485.8 billion, accounting for 41.2% of total assets; Long-term financial investment recorded VND479.2 billion, accounting for 40.6% of total assets and other items.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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