Hung Thinh Land Joint Stock Company's recent financial report shows a profit after tax of nearly 15 billion dong for the first half of the year. This is a significant improvement compared to the loss of more than 632 billion dong in the same period last year. This is also the first reporting period where Hung Thinh Land has returned to profitability after two consecutive years of trillion-dong losses in 2023-2024.
As of the end of June, the company's equity reached over 18,538 billion dong, an increase of about 1.7% compared to the previous period. They still have more than 367 billion dong in undistributed after-tax profit.
Total liabilities have been significantly reduced by over 7,400 billion dong to over 54,928 billion dong. Of this, over 15,477 billion dong was raised through bonds, a decrease of nearly 1,700 billion dong compared to the same period last year.
Data from the Hanoi Stock Exchange (HNX) shows that the company still has two outstanding bond lots with an interest rate of 11% per year, maturing next year. In the first six months, they spent more than 465 billion dong to pay interest and principal to bondholders. However, there is still about 6,346 billion dong in principal and nearly 520 billion dong in interest yet to be paid. The company stated that due to unfavorable developments in the financial and real estate markets, they have not been able to arrange the necessary funds in time.
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Mr. Nguyen Dinh Trung - Chairman of Hung Thinh Corporation. Photo: Hung Thinh |
Mr. Nguyen Dinh Trung - Chairman of Hung Thinh Corporation. Photo: Hung Thinh
Hung Thinh Land is a core member of Hung Thinh Corporation, led by Mr. Nguyen Dinh Trung. The company is a developer of numerous real estate projects, supplying the market with more than 30,000 products, including notable projects such as Lavita Charm, Q7 Boulevard, Saigon Mia, and Moonlight Residences. Hung Thinh Land currently owns and develops 59 projects across various provinces and cities, with a land bank of over 3,300 hectares that can serve more than 100,000 customers.
The company submitted an IPO application to the Ho Chi Minh City Stock Exchange (HoSE) in July 2022, aiming to list in 2023. However, this plan has yet to be realized.
After a quiet period during the real estate market downturn, Hung Thinh Land signaled its return earlier this year by topping off the first tower of the New Galaxy project in Di An, TP HCM. This project covers an area of nearly 30,000 m2 and comprises six towers offering 3,000 apartments. Recently, they also topped off the Grand Center Quy Nhon project (Gia Lai), which includes 824 apartments and 18 shophouses.
Tat Dat
