(NLDO) - Central Power Real Estate has been warned by HoSE about the possibility of mandatory delisting if its 2024 financial report continues to show losses.
The Ho Chi Minh City Stock Exchange (HoSE) has just issued a document announcing the risk of delisting LEC shares of Central Power Real Estate Joint Stock Company (Central Power Real Estate - LEC) because this stock is currently under suspension of trading due to violations of information disclosure, control due to negative after-tax profit, and warning due to negative undistributed after-tax profit, exceptional audit opinion, and late submission of financial statements.
Accordingly, the consolidated financial report for the fourth quarter of 2024 shows that the company's loss after tax and the parent company's accumulated loss in 2024 was VND 39.92 billion and undistributed profit after tax as of December 31, 2024 was negative VND 7.24 billion.
Previously, HoSE announced the suspension of trading due to LEC's violation of information disclosure; being controlled due to the parent company's negative after-tax profit in the last 2 years; Being warned due to negative undistributed after-tax profit; Being warned due to the exception of the audit opinion on the consolidated financial statements for 2023. Warning due to late submission of the audited semi-annual financial statements for 2023.
Company website
According to the explanatory report of Central Power Real Estate, the profit after corporate income tax in the fourth quarter of 2024 was a loss of more than 7.1 billion VND, mainly due to the following reasons:
Consolidated revenue in the fourth quarter of 2024 increased sharply by 148.3% over the same period last year, mainly due to increased revenue from construction activities in the period, leading to a sharp increase in gross profit in the fourth quarter of 122.8% compared to the fourth quarter of 2023, reaching VND 8.28 billion.
However, interest expense increased quite high by 46.2% compared to the same period and financial revenue in the period decreased sharply by 89.3% compared to the same period last year, leading to gross profit achieved in the period still not being enough to offset interest expense and management expenses in the period.
Central Power Real Estate has a charter capital of 261 billion VND, listed on the stock exchange in 2017. The company has 4 subsidiaries and associated companies.
LEC stock price before trading was suspended was VND 5,370/share.
Source: https://nld.com.vn/co-phieu-bat-dong-san-dien-luc-mien-trung-co-nguy-co-huy-niem-yet-bat-buoc-196250207145517874.htm
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