According to the Q3/2024 financial statement, Hanoi Alcohol and Beverage Joint Stock Company - Halico (Code: HNR), the owner of the Hanoi Vodka brand, recorded revenue of VND 22 billion, unchanged from the same period last year. The rapid increase in cost of goods sold caused the company to have a gross loss of VND 5.3 billion. This means that HNR is losing more and more money the more it sells.
Halico (HNR), owner of the Hanoi Vodka brand, lost an additional 7.4 billion VND in the first 9 months of 2024. Including this year, HNR has entered its 8th consecutive year of losses (Photo TL)
In addition, the company still has to pay other expenses and interest, resulting in HNR's net loss of VND 4.9 billion, 3 times higher than the loss in the third quarter of 2023.
In the first 9 months of the year, HNR achieved a revenue of 80 billion VND, up 12%. However, the company still lost 7.4 billion VND after tax. If the situation does not improve from now until the end of the year, HNR will extend its losing streak to the 8th year, counting from 2017 onwards.
Compared to the target set at the beginning of the year, HNR's revenue only achieved 71% of the plan. At the same time, the loss of 7.4 billion was still "within the loss plan" that had been predicted in advance.
On the balance sheet, the loss in Q3 continued to push the company's undistributed profit after tax to a negative of more than VND465 billion. Owners' equity was also eroded by more than half of this loss, remaining at only VND348 billion.
Despite long-term ineffective business, Halico remains loyal to its business orientation of not borrowing from banks to expand its scale. Liabilities at the end of the third quarter were only recorded at VND21 billion, much lower than equity.
Source: https://www.congluan.vn/chu-thuong-hieu-vodka-ha-noi-tiep-tuc-lo-nam-thu-8-von-chu-bi-bao-mon-qua-nua-post317108.html
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