Tien Phong Securities ORS lost more than 105 billion VND, revenue 'evaporated' nearly half

DDG reported a loss of more than 111 billion VND

The financial report for the second quarter of 2025 of Dong Duong Import-Export Industrial Investment Joint Stock Company (stock code: DDG) shows that the parent company's after-tax profit lost 111.77 billion VND. This result is in complete contrast to the profit of 1.52 billion VND achieved in the second quarter of 2024.

In an explanatory document sent to the State Securities Commission (SSC) and the Hanoi Stock Exchange (HNX), DDG said the decline in the group's profits mainly came from the negative business results of the parent company.

The parent company's separate financial report shows an even bleaker business picture, with a post-tax loss of VND112.51 billion, compared to a profit of VND6.18 billion in the same period.

This result stems from three main reasons. Firstly, the sharp decline in commercial revenue. This is considered the core reason why the parent company's gross profit was negative by more than VND18.2 billion, while in the same period last year it was still positive by VND4.4 billion.

DDG reported a loss of more than VND 111 billion in the second quarter of 2025.

Second, production was suspended. The company had to temporarily shut down its steam heating systems for upgrades and repairs. This disrupted its core business and directly affected its revenue and profits.

Third, the burden of financial costs and provisions. While revenue decreased, interest expenses from credit contracts remained unchanged. In addition, the parent company also had to set aside a provision for bad debts, increasing the loss.

In addition, the consolidated financial report also recorded an additional provision for doubtful debts from a subsidiary, contributing to a sharp decline in the overall business results of the entire group.

Tien Phong Securities ORS lost more than 105 billion VND, revenue 'evaporated' nearly half

Tien Phong Securities Joint Stock Company (TPS, code ORS) recorded a loss after tax in the second quarter of 2025 of more than VND 105.5 billion, while in the same period last year it made a profit of up to VND 100.6 billion. The nearly 50% decrease in revenue is believed to be the main reason, in the context that the company is drastically restructuring to adapt to the difficult market.

According to the recently released financial report, TPS recorded total operating revenue in the second quarter of 2025 reaching only 292.3 billion VND, a sharp decrease of 48.2% compared to the figure of 564.3 billion VND in the same period in 2024. This decline in revenue has led to a dramatic reversal in profits, from hundreds of billions in profit to hundreds of billions in loss.

Specifically, ORS's after-tax profit was negative VND105.53 billion, marking a decrease of up to 204.9% compared to the profit of the same period last year.

In the explanatory document, TPS's board of directors, led by Ms. Dang Si Thuy Tam as General Director, pointed out the main reasons leading to negative business results.

Tien Phong Securities (ORS) lost more than VND 105 billion in the second quarter of 2025, while in the same period last year it made a profit of VND 100.6 billion.

Firstly, revenue dropped sharply due to two main factors. Actual revenue decreased by VND247.66 billion (-48.2%). The reason was "unfavorable market conditions". To cope, the company proactively adjusted, restructured and narrowed some activities towards safety and sustainability.

Revenue from revaluation of financial assets (FVTPL) decreased by VND 24.31 billion, reflecting negative fluctuations in the prices of some securities in the portfolio.

Second, revenue fell faster than expenses. Although total operating expenses fell 10% to VND394.4 billion, this decrease was not enough to offset the decline in revenue. Notably, actual operating expenses (excluding asset revaluation) even increased slightly by VND6.96 billion, as the company is in the process of restructuring its asset portfolio and systems to improve its management capacity.

TPS leaders said that the company is resolutely restructuring its management and shifting its business strategy. The effectiveness of cost reduction is expected to begin to be recorded from June 2025. A positive signal was given that "in June 2025, the company recorded profits again after previous months of negative profits".

Dai Thien Loc (DTL) revenue increased sharply but lost more than 25 billion VND

Dai Thien Loc Joint Stock Company (stock code: DTL) recorded a 45% increase in consolidated revenue in the second quarter of 2025 but a loss after tax of more than VND 25.5 billion, while the same period last year still had a large profit. The Board of Directors pointed out that pressure from the export market and high cost of goods sold were the main reasons for this negative result.

Specifically, according to the consolidated financial report for the second quarter of 2025, Dai Thien Loc recorded net revenue of VND 604.9 billion, a sharp increase of 45% compared to the figure of VND 417.6 billion in the same period in 2024. This impressive growth, according to the company's explanation, is thanks to the strategy of "focusing on boosting inventory" and benefiting from increased market prices.

However, the profit picture is completely opposite. The company reported a consolidated loss after tax of VND25.55 billion. This result is a big shock when compared to the net profit of VND45.55 billion that DTL achieved in the same period last year, equivalent to a profit decrease of more than VND71 billion.

At the parent company, the situation is not very optimistic. Although revenue increased by 85% to 316.2 billion VND, the parent company still recorded a loss after tax of nearly 19 billion VND, while in the same period it had a profit of more than 9.3 billion VND.

Pointing out three main reasons for the group's profits "evaporating" despite revenue growth, DTL said that the decline in the export market was the strongest factor, reducing the company's profit margin despite increased sales volume. Along with that was fierce competition in the domestic market, forcing the company to sacrifice a part of its profits to maintain its position. High input costs "eroded" a large part of its gross profit, making it impossible for the company to make a profit even though it sold more products.

VOSCO revenue "evaporated" more than 2,000 billion VND.

According to information announced on July 28, 2025, Vietnam Ocean Shipping Joint Stock Company (VOSCO, stock code: VOS) recorded consolidated business results for the second quarter of 2025 with revenue reaching VND 857.2 billion, a sharp decrease of 62% compared to the figure of VND 2,281.4 billion in the second quarter of 2024. Profit after tax was only VND 10.28 billion, "evaporating" by 96% compared to the profit of VND 283.8 billion in the same period.

The situation is even more pessimistic in the first 6 months of 2025. VOSCO's consolidated revenue reached only VND 1,333.9 billion, down more than VND 2,061 billion (equivalent to 60%) compared to the same period in 2024. As a result, VOSCO reported a loss after tax of VND 43.56 billion, while in the first half of 2024 the company still made a huge profit of VND 358.39 billion.

According to VOSCO's explanation for the decline in revenue, it is due to the difficult international shipping market. The dry cargo market in the second quarter and the first half of 2025 was negatively affected by "unstable tax policies of the Donald Trump administration".

Another reason is the lack of extraordinary revenue. Revenue in the first 6 months of 2025 decreased sharply compared to the same period last year because in the second quarter of 2024, VOSCO recorded a large profit (about 400 billion VND) from the sale of Dai Minh oil tanker. This transaction will not be repeated in 2025.

The change in fleet also affected business results. The company returned the Dai An oil tanker and Dai Hung chemical tanker to their owners, reducing revenue.

At the same time, commercial revenue decreased sharply. Revenue from the commercial sector in the first 6 months of 2025 only reached 336 billion VND, while in the same period in 2024 it reached 1,777 billion VND.

In addition to the above market factors, VOSCO said that in the first 6 months of 2025, the company had many ships that had to be put on drydock for long-term periodic repairs. These ships not only did not generate revenue but the company still had to bear the ship's daily expenses. Specifically, these ships include: Vosco Sky, Vosco Unity, Vosco Starlight and Dai Thanh. This is the direct cause of the consolidated 6-month business results being in loss.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/chung-khoan-tien-phong-ors-lo-hon-105-ty-dong-doanh-thu-boc-hoi-gan-mot-nua/20250803051341384

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