After review, Hiep Phuoc Industrial Park investor "evaporated" 6% profit

Due to the increase in total expenses in the first 6 months of the year after the audit, the after-tax profit of the investor of Hiep Phuoc Industrial Park after the audit only reached 29.4 billion VND, down 6% compared to the profit before the audit.

Hiep Phuoc Industrial Park Joint Stock Company (UPCoM: HPI) has just announced its audited semi-annual financial report for 2024.

Accordingly, the total revenue for the first 6 months of the year after review was 16.8 billion VND, an increase of 23% compared to the pre-review figures. This revenue increase was due to the additional recognition of revenue from contract management that had been invoiced, increasing the revenue from sales of services by more than 2 billion VND.

At the same time, the company also deducted additional interest from term deposits in the second quarter of 2024, increasing financial revenue by nearly VND 1 billion; evaluating the difference in exchange rates at the end of the period on foreign currency bank deposits increased financial revenue by nearly VND 5 billion.

In addition, revenue contributed in the first half of the year also came from handling the difference in the beginning value added tax amount that could be deducted between the declaration and the books, increasing other income to VND 158 million.

Hiep Phuoc Industrial Park. Photo: Trong Tin

However, the total cost in the first 6 months of the year after the review increased by 29% compared to the pre-review figures. In particular, the company had to adjust the provision for cost of goods sold completed in 2020, increasing the cost of goods sold by VND 4.9 billion.

At the same time, make additional provisions for VIEPAN financial investment according to the consolidated financial statements as of December 31, 2023, adjusting to increase financial operating expenses by VND 158 billion.

Therefore, the company's after-tax profit after audit was VND 29.4 billion, down nearly VND 2 billion (equivalent to 6%) compared to pre-audit profit.

In 2024, the company targets total revenue of only 133.97 billion VND, down 6%, equivalent to a decrease of 9.12 billion VND compared to the 2023 plan. The company's pre-tax accounting profit in 2024 is also expected to reach 24.16 billion, down 9%.

The company said that the HCM City People's Committee has not yet determined the official unit price. The time for reviewing the unit price is long (the determination of this unit price has lasted from 2015 to present).

This affects the company's financial risk and the inability to determine the estimated cost price for the project, leading to the company temporarily suspending the land leasing service at Hiep Phuoc Industrial Park from 2019 to the end of 2023.

The company also plans to trade about 4.5 hectares of land plots in the Hiep Phuoc Industrial Park project phase 1 to explore the market as a premise for exploiting and trading land plots when they meet business conditions in the Hiep Phuoc Industrial Park project phase 2.

Source: https://baodautu.vn/sau-soat-xet-chu-dau-tu-khu-cong-nghiep-hiep-phuoc-boc-hoi-6-loi-nhuan-d223085.html