Novaland, Quoc Cuong Gia Lai... are suspected of having the ability to continue operating

(Dan Tri) - After the audit, the profits of many parties changed significantly; many units saw a sharp decrease in profits, even increased losses.

Most recently, Hoang Anh Gia Lai International Agriculture Joint Stock Company (HAGL Agrico, HNG) has just announced its audited semi-annual financial report for 2025, recording an additional loss of VND 61 billion compared to the self-prepared report.

In the first 6 months of the year, net revenue reached more than 216 billion VND, up 47% over the same period. However, other expenses amounted to more than 130 billion VND, mainly due to 125 billion VND of ineffective assets being written off. This figure is higher than the 69.5 billion VND of depreciation of unused assets that the company had previously set up, causing the loss in the first half of the year to increase sharply.

As of June 30, 2025, HAGL Agrico had accumulated losses of VND9,643 billion, with short-term debt exceeding short-term assets by more than VND12,955 billion. Auditors warned that these factors created “significant doubts” about the company’s ability to continue operating.

Responding to the audit opinion, HAGL Agrico affirmed that it is implementing many measures: promoting projects to improve cash flow, restructuring debt, handling debts with partners, and completing procedures to receive back land use right certificates in Laos and Cambodia.

Duc Long Gia Lai Joint Stock Company (DLG) has just announced its audited semi-annual financial report for 2025 with consolidated after-tax profit down 31% compared to the self-prepared report, to VND69 billion. As of June 30, the company recorded an accumulated loss of more than VND2,411 billion, while short-term debt exceeded total short-term assets by nearly VND530 billion. The auditor therefore issued an exception opinion, emphasizing that these factors indicate the existence of material uncertainties, which may lead to significant doubts about the company's ability to continue operating.

In response, Duc Long Gia Lai said it is implementing a restructuring plan to gradually reduce accumulated losses. At the same time, the company has paid more than VND207 billion in principal and interest to banks, as well as actively negotiating a plan to extend debt repayment for the 2025-2026 period and handle other due debts.

In another development, Quoc Cuong Gia Lai Joint Stock Company (QCG) has just announced its 2025 semi-annual financial report with strongly improved business results, but the auditors still questioned its ability to continue operating.

In the first half of the year, QCG's revenue reached more than VND242 billion, an increase of nearly 272% over the same period; profit after tax reached VND10 billion, while in the same period last year it lost more than VND16 billion. However, as of June 30, the company's short-term debt exceeded its short-term assets, causing the auditor to note the risk of its ability to maintain operations.

Specifically, QCG has short-term assets of VND 1,844 billion, while short-term debt is up to VND 3,815 billion, mainly the VND 2,783 billion that must be repaid according to the contract promising to buy and sell the Bac Phuoc Kien project (HCMC) to ensure execution of the judgment for defendant Truong My Lan.

CEO Nguyen Quoc Cuong said the company is completing the project’s legal documents, compensating for the remaining area, and the enforcement agency is also seizing some original documents to serve related obligations. In addition, QCG has reclassified more than VND5,400 billion in unfinished costs from short-term to long-term, causing short-term debt to exceed short-term assets and leading to the above concerns.

Many real estate businesses are doubtful about their ability to continue operating (Photo: DT).

In the same real estate sector, No Va Real Estate Investment Group Joint Stock Company ( Novaland , stock code NVL) has just been emphasized by the auditor on the assumption of continuous operation, although no exceptional conclusion was given.

According to the auditor, the Group has conditions and events that affect the going concern assumption. The Group incurred a loss of VND666 billion in the first 6 months of 2025, and the net cash flow from consolidated operating activities in the first 6 months of 2025 was negative VND7,456 billion (the net cash flow from consolidated operating activities in the first 6 months of 2024 was negative VND4,127 billion).

In addition, as of June 30, 2025, the Group has not yet fulfilled certain short-term debt obligations due related to loans, bonds and payables.

These conditions and events may cast significant doubt on the Group's ability to continue as a going concern. Novaland may be unable to successfully implement one or more of the Group's plans, which, combined with other future events and conditions, may make it impossible for the Group to continue as a going concern.

Similarly, LDG Investment Joint Stock Company (LDG) has just announced its audited semi-annual financial report for 2025, recording a net loss of more than VND92 billion, an increase of VND38 billion compared to the self-prepared report. The main reason is that the cost of goods sold after audit increased 2.8 times, to nearly VND57 billion, causing gross profit to decrease by 60%, to only about VND24 billion.

According to LDG, the auditors have adjusted the inventory price reduction provisions and bad debt provisions compared to the second quarter 2025 report. Despite giving an unqualified opinion, the auditors still noted factors that raise significant doubts about the company's ability to continue as a going concern, as LDG depends on debt repayment, extension or restructuring, as well as short-term cash flows from debt collection and business cooperation.

In response, LDG said it has implemented many solutions. From March 2024, the Board of Directors approved a plan for cooperation in development, project and share transfer to pay off debt on bonds, bank loans and other obligations, while ensuring resources for new projects. The company also committed to speeding up the implementation progress, recovering debts from prepayments, deposits and business cooperation.

In the steel sector, Moore AISC Auditing and Informatics Services Co., Ltd. has just completed reviewing the 2025 semi-annual financial report of SMC Trading Investment Joint Stock Company (SMC) with many important notes.

Notably, the auditors concluded that the exception was due to SMC incurring a cash advance payment of VND 42 billion to Ms. Nguyen Thi Ngoc Loan - Chairwoman of the Board of Directors.

At the time of the report, the company had not provided documents proving the purpose of use and the ability to recover, and the transaction had not been approved by the Board of Directors according to the charter and the Enterprise Law. The auditors believe that this shows signs of not fully complying with governance regulations and the law.

In addition, on January 17, SMC refunded VND2.1 billion to Ms. Loan via transfer to Mr. Nguyen Nhat Tien as directed, but has not yet provided the contract and necessary explanation documents. Therefore, the auditor cannot determine the existence, value, and potential cost risks involved.

In addition, the auditors also emphasized doubts about SMC's ability to continue operating. In the first 6 months of 2025, the company lost more than 102 billion VND, accumulated to 30/6, lost nearly 242 billion VND, negative operating cash flow of 129 billion VND, while short-term debt exceeded short-term assets by 971 billion VND. These factors raise concerns about SMC's ability to maintain operations in the coming time.

Source: https://dantri.com.vn/kinh-doanh/novaland-quoc-cuong-gia-lai-bi-nghi-ngo-kha-nang-hoat-dong-lien-tuc-20250907120607073.htm