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Novaland (NVL): Audited profit after tax VND199 billion different from the self-made report 

 Tuesday, April 9,2024

AsemconnectVietnam - No Va Real Estate Investment Group Joint Stock Company (Novaland, stock code NVL) announced information on its Audited Financial Statements with consolidated after-tax profit of VND486 billion.

This number is down nearly VND199 billion compared to the previously announced independent financial report of VND685 billion. The reason for the difference is mainly due to the loss coming from the provision for decline in inventory value at affiliated companies as requested by the audit unit from a prudent standpoint.
This provision is expected to be reversed when the project continues to be implemented.
Novaland's total assets as of December 31, 2023 reached more than VND241,486 billion, down 6.3% compared to December 31, 2022. Inventories recorded VND138,935 billion, of which the value of land fund and projects under construction accounted for 93.3% (equivalent to VND129,574 billion), the remainder was completed real estate and completed real estate and real estate goods waiting to be handed over to customers. Novaland's unrecorded revenue is nearly VND240 trillion coming from projects that have been handed over, are in the process of legal completion, and projects that Novaland is currently the Investor and are cooperating in developing.
In the financial statements, the independent auditor noted Novaland's assumption of continuous operations. Regarding this, Novaland said that it has updated and shared transparently the difficulties and legal delays that have greatly affected the company's operations and business. Up to now, the Company has Basically complete the restructuring of loans and bond debt, focus on building key projects, handing over houses in stages to customers with the companionship of financial partners, and at the same time also Flexibly adjust implementation plans for new projects to suit the current situation.
Novaland also coordinates with localities to resolve and complete legal projects as soon as possible.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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