ITA shares are only traded in the afternoon session from July 16.

ITA shares of Tan Tao Investment and Industry Joint Stock Company have been officially restricted from trading partially since July 16 due to late submission of audited financial statements for 2023.

On the morning of July 10, the Ho Chi Minh City Stock Exchange officially announced that shares of Tan Tao Investment and Industry Joint Stock Company (stock code: ITA) will be restricted from trading. According to this decision, from July 16 (next Tuesday), ITA will only be traded in the afternoon session of the trading day by negotiation and order matching.

HoSE said the reason for ITA's restricted trading was because Tan Tao delayed submitting its audited financial statements for 2023 by more than 45 days compared to the prescribed deadline. In addition, ITA shares continue to be monitored under warning status because the company violated information disclosure four times or more within a year.

The news of the trading restriction immediately had a negative impact on ITA shares in today's session. The stock opened in the red and then fell 0.85% to VND4,670 and matched more than 1.3 million units. By the beginning of the afternoon session, the stock had lost more than 4.88% compared to the reference price, down to VND4,480, marking the lowest price in more than a year.

Previously, Tan Tao's board of directors said that the reason for the 2023 financial statements not being audited was because Southern Accounting and Auditing Financial Consulting Services Company Limited (AASCS) suddenly sent a notice not to perform the financial statement audit due to the inability to arrange personnel and time.

At the annual meeting at the end of June, Mr. Nguyen Thanh Phong - General Director of Tan Tao said that the company has been facing difficulties since 2022 when the State Securities Commission suspended the practice of auditors who had audited Tan Tao, causing auditing companies to refuse to audit one after another. "Finding auditing companies is very difficult, Tan Tao's leadership has tried their best to work and convince auditing companies, but currently no auditing company dares to audit," Mr. Phong shared.

According to Tan Tao's General Director, there is no audited financial report for 2023 yet, but the board of directors is committed to transparent and honest financial information. Last year, the company made a profit and the figures accurately reflect the company's actual business situation over the years.

Compared to the historical peak in early 2022 (VND18,550), the stock price has evaporated more than 75%. At the annual meeting, Ms. Dang Thi Hoang Yen - Chairwoman of Tan Tao's Board of Directors - said that the company is making every effort to "bring ITA shares back to the ceiling".

This year, Tan Tao targets total revenue and income of VND530 billion. Pre-tax profit is VND222 billion and after-tax profit is VND178 billion. The Board of Directors said the dividend payout ratio depends on the company's performance.

The first quarter financial report recorded net revenue of VND71.3 billion, a slight increase compared to VND61 billion in the same period last year. Pre-tax profit reached VND21.8 billion and after-tax profit reached VND20.1 billion, up 16.5% and 33% respectively compared to the first period last year. This means the company has completed about 13.4% of the revenue plan and 11.2% of the profit plan after the first quarter.

The company currently has total assets of more than VND12,142 billion, a slight increase compared to VND12,084 billion at the beginning of the year. The company's liabilities are about VND1,820 billion and undistributed profit after tax is more than VND587 billion.

Source: https://baodautu.vn/ita-stocks-only-traded-in-afternoon-from-167-d219696.html