The company's after-tax loss surged by 72% year-on-year, reaching its highest semi-annual figure since 2024, according to a report submitted to the Hanoi Stock Exchange (HNX).

Despite the after-tax loss, the company's financial health shows signs of improvement. Accumulated profit reached over 825 billion VND by the end of June, pushing owner's equity up by 4% to approximately 1,671 billion VND.

Conversely, total liabilities increased by 14% year-on-year, reaching 11,350 billion VND. This includes over 1,548 billion VND in bank loans and 500 billion VND from bond issuances. While leverage from bank loans surged by 16.6 times compared to the previous period, bond financing decreased sharply by 76%.

HNX data indicates the company still has an outstanding bond lot totaling 500 billion VND, carrying an annual interest rate of 10.5%. In the first half of the year, the company spent over 26 billion VND on interest payments to bondholders but reported payment delays due to an inability to secure funds as planned.

Aqua City Company Limited is the developer of the Aqua City urban area in Dong Nai, spanning nearly 1,000 hectares. The project is planned to include approximately 13,200 residential units, such as townhouses, detached, and semi-detached villas. Novaland Group (NVL) launched this project in mid-2019, with Chairman Bui Thanh Nhon previously calling it a "key, vital project" for the group.

However, the entire project faced a halt since 2021 due to delays in approving planning adjustments and disagreements over social housing land allocation. Aqua City relaunched in mid-2023, with construction and sales activities subsequently accelerating.

Novaland reports that the project's 1/500 planning is now complete. Management plans to pay land use fees for all sub-zones in Q3. Construction permits for Aqua Riverside City, Aqua Marina City, and Phoenix Island sub-zones are finalized, with Aqua Waterfront City and Aqua City sub-zones expected to be completed this quarter.

Partial sales permits are available for Aqua Waterfront City, Aqua Riverside City, and Aqua City. Novaland confirmed it had handed over more than 1,200 units to customers by the end of June. The company aims to deliver keys to over 650 additional homeowners in the second half of the year.

Alongside legal efforts, the company is prioritizing accelerating construction progress. As of the end of June, Novaland had a credit limit of approximately 24,400 billion VND from banks and financial partners. A significant 63% of this, equivalent to over 15,400 billion VND, is allocated to the Aqua City project.

Tat Dat