Loc Troi Group wants to postpone the release of its Q2 2024 financial report by one month compared to the regulations - Photo: LT
Loc Troi Group Joint Stock Company (LTG) has just sent a document to the State Securities Commission and the Hanoi Stock Exchange requesting a temporary postponement of the release of its Q2 2024 financial report.
Mr. Huynh Van Thon, chairman of LTG, stated that the company is facing several force majeure events that require increased stability in its operating capital, and all personnel must focus on addressing immediate financial issues.
In addition, LTG's 2024 annual general meeting of shareholders was also held later than in previous years.
Following the general meeting, the corporation experienced some personnel changes, including the replacement of several key personnel. This affected the progress in compiling and providing data to complete the Q2 2024 financial report within the stipulated deadline.
According to this document, Loc Troi's leadership wants to postpone the release of its Q2 financial report until August 30, 2024. Under current regulations, public companies must submit their Q2 financial reports by July 31, 2024.
Chairman of Loc Troi Group, Huynh Van Thon
Regarding personnel matters, Loc Troi Group dismissed Mr. Nguyen Duy Thuan from his position as General Director effective July 15th.
Mr. Huynh Van Thon, chairman of the board, will temporarily manage the company's operations until a new CEO is appointed.
Previously, the corporation was embroiled in controversy regarding unpaid wages for the winter-spring rice crop to farmers. However, by the end of May, the company had paid off all its debts to the farmers.
Regarding business performance, Loc Troi's Q1 2024 financial report shows that the "giant" rice producer in the Mekong Delta did not achieve very promising profits despite increased revenue.
Specifically, in the first quarter, Loc Troi's net revenue reached VND 3,848 billion, a 57% increase compared to the same period last year. Of this, revenue from rice accounted for the majority with VND 3,285 billion, with the remainder coming from the sale of pesticides, seeds, packaging, etc.
However, the cost of goods sold amounted to VND 3,603 billion (nearly 94%), an increase of 65% year-on-year and higher than the revenue growth rate. As a result, the group's gross profit decreased by 10%, to only VND 245 billion.
With losses from exchange rate fluctuations, high interest expenses, and negative net profit from business operations, Loc Troi reported a net loss after tax of over 96 billion VND, an increase compared to the -81 billion VND loss in the same period last year.
The business performance of the rice giant began to decline in 2023, when after-tax profit reached only 16.5 billion VND, a 96% decrease compared to 2022. Data shows that from 2008 to 2022, Loc Troi's net profit was consistently several hundred billion VND.
In particular, Loc Troi reached its peak after-tax profit in 2014 with over 502 billion VND. By 2022, it still achieved over 411 billion VND, along with accumulated profits exceeding 1,000 billion VND.
Facing business difficulties, Loc Troi's stock plummets.
Currently, Loc Troi Group's LTG shares are traded on the UpCOM exchange. At the close of trading on August 2nd, the share price of this well-known large rice company had fallen to 15,200 VND per share, a decrease of nearly 31% after one month and nearly 52% after one year.
Loc Troi Group, formerly An Giang Plant Protection Joint Stock Company, was established in 1993. The group's main activities are the production of plant protection products, trading of chemicals and seeds, and processing rice for export.
Source: https://tuoitre.vn/chu-tich-loc-troi-hoan-cong-bo-bao-cao-tai-chinh-vi-gap-su-kien-bat-kha-khang-20240803084921224.htm
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