Long Hau (LHG) Q3/2023 profit decreased by 61%, still owes 385 billion in taxes

Third quarter profit down 61.2% year-on-year

In the Q3 financial statement, Long Hau Corporation (HoSE code: LHG) recorded revenue of VND67.5 billion, down 62.1% over the same period. Of which, revenue from leasing land with pre-built infrastructure as required has disappeared. Most of the revenue comes from leasing factories, accommodation areas, and commercial centers with nearly VND40 billion.

Gross profit was VND32.4 billion, down 65.7%. Gross profit margin decreased from 53.1% to only 48%. In return, financial revenue increased 73.6% to VND24.2 billion.

Long Hau LHG profit in the third quarter of 2023 decreased by 612%, still holding 385 billion in refundable income tax, image 1 — Long Hau (LHG) still owes 385.5 billion VND in deferred income tax, Q3 profit dropped 61.2%

Financial expenses increased by only 27.9% to VND4.2 billion. Total selling and administrative expenses increased slightly by 2.9% to VND15.1 billion. Other financial indicators fluctuated insignificantly. After deducting all expenses, LHG's after-tax profit reached VND32 billion, down 61.2% over the same period.

Long Hau's accumulated revenue in the first 9 months of the year reached 249.9 billion VND, down 52.5% over the same period. Profit after tax was 107.1 billion VND, down 37.7%. Compared with the 2023 target of 902.1 billion VND in revenue and 127.1 billion VND in profit, the company has completed 84.3% of the annual profit plan.

LHG still owes 385.5 billion VND in deferred income tax

At the end of the third quarter, Long Hau's total assets reached VND2,971.1 billion, down about 2% compared to the beginning of the year. LHG's cash and deposits at banks accounted for VND1,097.2 billion, equivalent to nearly 37% of total assets.

Inventory accounts for 659.3 billion VND, investment real estate accounts for 480.2 billion VND, short-term receivables account for 316.2 billion VND.

Regarding capital structure, payables are 1,456.6 billion VND, down 6% compared to the beginning of the period. Short-term debt accounts for 857 billion VND, with the majority being short-term loans, accounting for 635.6 billion VND, although it has decreased compared to the beginning of the period, it still accounts for 21.4% of total capital.

Long-term debt accounts for 599.7 billion VND with long-term debt accounting for 138.8 billion VND. It should be noted that the company has up to 385.5 billion VND in deferred income tax liabilities.

LHG's equity reached 1,514.5 billion VND, undistributed profit after tax is accumulated relatively large, accounting for 845.4 billion VND.

Source