Tan Tao (ITA) was reminded by HoSE due to late submission of audited semi-annual financial statements 2024
Tan Tao Investment and Industry Corporation (HoSE Code: ITA) is the main unit operating in the field of investment, construction and infrastructure business in Tan Tao Industrial Park, associated with the name of Chairwoman Dang Thi Hoang Yen.
Recently, ITA was also reminded by the Ho Chi Minh City Stock Exchange (HoSE) for not submitting the audited separate and consolidated financial statements for the 2024 semi-annual period.
Tan Tao (ITA) of chairwoman Dang Thi Hoang Yen has just been reminded by HoSE for late submission of audited semi-annual financial statements (Photo TL)
According to the provisions of Point c, Clause 2, Article 14 of Circular No. 96/2020/TT-BTC dated November 16, 2020 of the Ministry of Finance, listed organizations and large-scale public companies must disclose their audited semi-annual financial statements within 5 days from the date of the audit report. The deadline must not exceed 45 days from the end of the first 6 months of the fiscal year.
HoSE reminds and requests Tan Tao to urgently disclose information about the 2024 audited semi-annual financial statements in accordance with regulations.
Profit increased mainly from negative financial expenses.
Regarding business activities, in the second quarter of 2024, Tan Tao recorded revenue of VND 70.88 billion, down 12.9% over the same period. Profit after tax reached VND 44 billion, up 84.4% over the same period last year.
Notably, although profits increased, gross profit decreased by 25.4% compared to the same period, to VND30.4 billion. This led to a decrease in gross profit margin from 50.1% to only 42.9%.
The increased profit did not come from core business activities but from negative financial expenses of VND20.9 billion. In addition, business management costs were also sharply reduced, accounting for only nearly VND3 billion.
ITA's accumulated revenue in the first 6 months of the year recorded net revenue of VND 142.2 billion, unchanged from the previous year. Profit after tax increased by 64.6%, equivalent to VND 64.2 billion. Compared to the 2024 business plan, with revenue of VND 530 billion and profit after tax of VND 178 billion, Tan Tao has only completed 26.8% of the revenue target and 36.1% of the annual profit plan.
Related company of Chairman Hoang Yen acquired an additional 5.8 million ITA shares
A notable development in August was related to Tan Tao’s shareholder structure. In particular, Tan Dong Phuong Construction and Development Investment JSC, an organization related to ITA Chairwoman Dang Thi Hoang Yen, registered to buy an additional 5.8 million shares.
The transaction will take place from August 26, 2024 to September 24, 2024 by negotiation. If the transaction is successful, Tan Dong Phuong will increase its ownership ratio at Tan Tao to 12.46% of charter capital.
It is estimated that the company related to Chairwoman Dang Thi Hoang Yen will have to spend nearly 23 billion VND to acquire 5.8 million shares.
Regarding ITA shares, this stock code has been restricted from trading since July 16, 2024 due to late submission of audited financial statements for 2023. This means that ITA shares can only be traded in the afternoon sessions. Since the beginning of the year, ITA shares have lost nearly half of their value, only recording at VND 3,490/share in the trading session on September 6, 2024.
Source: https://www.congluan.vn/stocks-are-restrained-from-trading-in-tan-tao-ita-cua-ba-dang-thi-hoang-yen-lai-vua-bi-hose-nhac-nho-post310874.html
Comment (0)