The truth about a wood company setting a revenue target of nearly 1 million billion VND

(NLDO) - After correction, this enterprise's revenue is only nearly 981 billion VND and pre-tax and after-tax profit is more than 8.1 billion VND.

VRG - Quang Tri MDF Wood Joint Stock Company (stock code: MDF) has just sent a document to the Hanoi Stock Exchange, correcting the resolution of the 2025 Annual General Meeting of Shareholders: Due to a typing error during the drafting process, the unit of measurement was mistaken, causing the financial indicators to be "exaggerated" to an unbelievable level.

Specifically, according to the previously announced Resolution, VRG - Quang Tri MDF Wood recorded an accumulated loss of VND 18,955 billion in 2024. Meanwhile, after correction, it was negative VND 18,995 million, meaning a loss of nearly VND 19 billion.

Notably, regarding the 2025 business plan, the total expected revenue was mistakenly recorded as nearly VND 981,000 billion, along with pre-tax and after-tax profit of more than VND 8,118 billion.

VRG MDF Wood - Quang Tri corrects information

Fluctuations of MDF stock in recent times, currently closing at 6,700 VND/share Source: Fireant

After adjustment, revenue was only nearly 981 billion VND, profit before and after tax was more than 8.1 billion VND.

VRG - Quang Tri MDF Wood was established in 2005, the predecessor is the MDF Wood Factory project invested by Central Construction Corporation. The main business is the production of plywood, veneer and industrial wood products.

At the end of the first quarter of 2025, the company recorded a net profit of nearly VND 662 million, while in the same period it lost nearly VND 13 billion. Accumulated loss up to the end of March 2025 was nearly VND 19 billion.

A similar error occurred with Khanh Hoa Electricity Joint Stock Company, when this enterprise also sent a report to the Ho Chi Minh City Stock Exchange (HOSE) to correct the content in the minutes and resolution of the 2024 Annual General Meeting of Shareholders.

The correction is that the total expected revenue in 2024 is 6,580 billion VND, mistakenly called 6.5 million billion VND and the total cost is nearly 6,530 billion VND, mistakenly called 6.5 million billion VND.

It can be imagined that this mistaken figure is almost equal to the total savings deposits of people in the banking system as of the end of April 2025, with more than 7.53 million billion VND, according to data from the State Bank.

These seemingly typographical errors highlight the importance of carefully reviewing financial documents before publication, especially in a stock market that increasingly values ​​transparency and accuracy of information.

Source: https://nld.com.vn/su-that-vu-mot-doanh-nghiep-go-dat-muc-tieu-doanh-thu-gan-1-trieu-ti-dong-196250711220429917.htm