Saigonres turns from profit to loss after audit

Saigonres changed from a profit of VND2.4 billion in its self-made report to a loss of VND23.4 billion after audit due to a decrease in revenue and an increase in business management costs.

Saigon Real Estate Corporation (Saigonres - stock code: SGR) has just announced its audited consolidated financial statements for the first half of 2024 with many items fluctuating strongly.

Specifically, Saigonres' net revenue decreased by 21.4% after audit, from 76.6 billion VND in the self-prepared report to 60.2 billion VND. Revenue decreased so when deducting cost of goods sold, gross profit only reached 25.4 billion VND instead of 40.5 billion VND as in the previously published report. Business management expenses increased by 48.4% compared to before audit, to 33.1 billion VND.

After adjusting the above items, Saigonres changed from a profit of VND2.4 billion in the self-prepared report to a loss of VND23.4 billion after the audit. The Board of Directors said the reason was due to the reduction in revenue from real estate transfer. This revenue will be transferred to the next period when it meets the conditions for recognition. In addition, the post-audit business management expenses increased sharply due to the implementation of provisions for receivables as requested by the auditor.

Compared to the revenue target of VND628 billion and profit after tax of VND190 billion (up 48.1% compared to the actual in 2023) set at this year's General Meeting of Shareholders, Saigonres has completed 9.6% of the revenue plan and is still far from the profit target. At the time of setting this plan, Saigonres' leaders predicted that the market would improve from the second half of 2024 thanks to factors such as the removal of legal obstacles and difficulties of projects being actively resolved by authorities at all levels.

As of the end of June, Saigonres' total assets reached VND2,094 billion, an increase of VND46 billion compared to the beginning of the year and a decrease of VND13 billion compared to the self-reported report. Short-term items accounted for VND1,566 billion in the Corporation's asset structure. Of which, the company's cash and cash equivalents were more than VND79.6 billion.

Saigonres 's liabilities are over VND1,202 billion, a slight increase compared to VND1,189 billion recorded in the self-made report. Short-term items account for the majority of the company's debt structure with over VND900 billion. Owner's equity is approximately VND891 billion, undistributed profit after tax is VND254 billion.

On the stock exchange, SGR shares fell to their lowest level in the first trading session after the September 2 holiday, down to VND39,100. The trading volume of this stock in the last 10 sessions was more than 416,500 units. Market capitalization reached VND2,346 billion.

Source: https://baodautu.vn/saigonres-chuyen-tu-lai-thanh-lo-sau-soat-xet-d224049.html