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Tien Phuoc Group reported heavy losses in 2023 

 Sunday, May 5,2024

AsemconnectVietnam - Periodic information published on the Hanoi Stock Exchange (HNX) by Tien Phuoc Joint Stock Company shows that 2023 is a difficult year for this real estate giant.

Specifically, by the end of 2023, Tien Phuoc reported a loss of more than VND159.2 billion, while in 2022 a slight profit was VND4.8 billion.
By the end of 2023, enterprise equity will reach VND2,256.8 billion, the debt/equity ratio is 4.13 times, corresponding to nearly VND9,320.6 billion in liabilities.
It is known that in 2021, this enterprise will issue 2 lots of bonds with code GTPCH2123001 and GTPCH2123002, with a total mobilized value of VND500 billion, term of 36 months.
At the end of March 2023, Tien Phuoc Group Joint Stock Company extended the maturity of the two batches of bonds mentioned above. In particular, bond code GTPCH2123001 has its maturity date extended from March 25, 2023 to March 25, 2025, for an additional 2 years. Circulating value is VND171.84 billion.
Bond code GTPCH2123002 has its maturity date extended from April 6, 2023 to April 6, 2025, for an additional 2 years. Circulating value is VND123.32 billion.
In addition to Tien Phuoc Group Joint Stock Company, a number of other businesses in the same ecosystem, Tien Phuoc Real Estate Joint Stock Company, also reported heavy losses in 2023 of more than VND117.3 billion.
TMT Real Estate Development Investment Joint Stock Company (TMT Real Estate) lost 148.8 billion VND or My Khanh Investment and Development Company Limited also reported a loss of more than VND165.7 billion.
Tien Phuoc Group is a private real estate enterprise in the southern market with a series of projects in Ho Chi Minh City such as: District 2 including projects The Estella, Estella Heights, Empire City Thu Thiem, Palm City, Villa Area Green Field, Senturia An Phu; Tien Phuoc Group Building project in District 5; Senturia Vuon Lai in District 12; Senturia South Saigon project in Binh Chanh district.
Tien Phuoc Group's predecessor was Tien Phuoc Essential Oil Agricultural Products Company, established in October 1992. In 2003, this enterprise changed its name to Tien Phuoc Company Limited. In April 2015, the company changed its operating model to Tien Phuoc Real Estate Joint Stock Company.
In September 2023, Tien Phuoc Group was mentioned by the Ho Chi Minh City Inspectorate in the conclusion related to the housing and expert services project in Ho Chi Minh City High-Tech Park by the High Technology Services - Trading Joint Stock Company (abbreviated as: High Technology Company) is the investor.
According to the conclusion of the Ho Chi Minh City Inspectorate, the investor of the residential area and expert services committed many violations at the project. Specifically, the investor leased real estate to be formed in the future without accepting the completion of the construction of the corresponding technical infrastructure according to the project schedule. This is not in accordance with the provisions of Clause 1, Article 55, Law on Real Estate Business 2014.
In addition, the investor signed a rental contract for the wrong people to reside in the High-Tech Park, including 17 cases that were verified as not the right people and 28 cases where the tenants did not come. Working under the invitation of the Ho Chi Minh City Inspectorate, it is necessary to continue to verify and clarify.
At the same time, the rental term at the project is not consistent with the working term of workers in the High-Tech Park.
The conclusion of the Ho Chi Minh City Inspectorate also clearly shows that the High Technology Company signed 02 contracts with 04 individuals without clearly identifying the actual needs of the tenants. This is the reason why press agencies reported that the investor did not implement the project according to the right objectives according to the Investment Registration Certificate (leasing to the wrong object and having the phenomenon of buying and reselling).
Up to now, according to documents collected by the Ho Chi Minh City Inspectorate, it shows that the investor signed a contract directly with the tenant, but no documents were collected showing that there was any buying and reselling of houses in this project. .
According to the reporter's research, the housing and expert services project is invested by High Technology Company and is currently being advertised by Tien Phuoc Real Estate Joint Stock Company (Tien Phuoc Group) with the name Call Senturia Expert Villa Area Q9 Central Point.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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