ITA shares are about to be suspended from trading due to Tan Tao's delay in announcing its audited semi-annual financial report for 2024 while it is under trading restrictions.
Ho Chi Minh City Stock Exchange (HoSE) has just sent a document to Tan Tao Investment and Industry Joint Stock Company (stock code ITA) regarding the company's shares falling into the trading suspension category.
According to the document, ITA shares are under trading restrictions because the company is 45 days late in submitting its audited financial statements for 2023 compared to the prescribed deadline.
On August 27, 2024, Tan Tao sent a dispatch requesting the State Securities Commission and HoSE to allow the company to postpone the announcement of the 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements due to force majeure. Previously, in June 2024, the State Securities Commission sent a dispatch responding to Tan Tao's postponement of information disclosure.
On September 4, HoSE issued a document reminding the company about the delay in publishing the 2024 semi-annual audited financial report. However, to date, the company has not yet published this document.
According to regulations, ITA is a listed organization that continues to violate information disclosure regulations on the stock market after being placed on a restricted list, leading to suspension of trading.
Since July 16, ITA shares have only been traded in the afternoon session. This code has closed below the reference price for 5 consecutive sessions, currently at 3,240 VND/share. ITA's market price has halved compared to the price range at the beginning of the year of 6,450 VND. With more than 938 million shares listed on the HoSE, the market capitalization is more than 3,040 billion VND.
In the first half of 2024, Tan Tao recorded net revenue of more than 142 billion VND, a slight decrease compared to the same period. Of this, 77.5 billion VND came from service revenue and 53.8 billion VND came from leasing of factories, warehouses and land.
Gross profit for the first 6 months of 2024 reached VND66.8 billion, down slightly by 3.6% year-on-year. Gross profit margin for the first half of the year was 47%, down 1.5 percentage points from the first 6 months of last year. The company reported pre-tax profit of VND70.2 billion and post-tax profit of VND64.2 billion after deducting expenses, up 46.2% and 64.6% year-on-year, respectively.
According to the plan approved at the general meeting of shareholders at the end of June 2024, Tan Tao set a target of recording revenue and income of VND 530 billion this year. Pre-tax profit is VND 222 billion and after-tax profit is VND 178 billion. After half a year, the company has completed 26.8% of the revenue target, pre-tax profit of 31.6% and after-tax profit of more than 36%.
Also according to the document presented at the annual meeting, Tan Tao's Board of Directors proposed that shareholders authorize the Board of Directors to divest all capital from Saigon Da Lat Joint Stock Company, Agrimeco Tan Tao Mechanical - Energy Industrial Park Joint Stock Company, Tan Tao University Joint Stock Company and Vinatex - Tan Tao Investment Joint Stock Company. At the same time, Tan Tao proposed to contribute capital to Saigon - Mekong Urban Investment Joint Stock Company to implement industrial park projects in Duc Hue district (Long An).
Tan Tao also plans to carry out investment procedures. Tan Tao Industrial Park - Long An project with a total area of 414.7 hectares. The project is expected to be divided into 2 phases, in which the first phase will start from 2025 with an area of 200 hectares. The next phase is expected to be implemented from 2027 to 2030 with an area of 214.7 hectares.
In addition, the Board of Directors also proposed to proactively seek domestic or international financial institutions to borrow capital or issue bonds to restructure debt and supplement working capital for operations.
As of the end of the second quarter of 2024, Tan Tao had total assets of VND12,244 billion, up slightly from VND12,084 billion at the beginning of the period. Long-term liabilities accounted for approximately VND6,632 billion in the company's asset structure. Liabilities increased by 5.3% compared to the beginning of the period, from VND1,783 billion to VND1,878 billion. More than VND1,351 billion of the company's liabilities were short-term liabilities.
Source: https://baodautu.vn/hose-sap-dinh-chi-giao-dich-co-phieu-ita-d225134.html
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