DNVN - According to the Ho Chi Minh City Stock Exchange (HoSE), LEC shares of Central Power Real Estate Joint Stock Company (Land Central) are currently under suspension of trading, control, and warning according to decisions of HoSE.
In a document issued on February 6, the Ho Chi Minh City Stock Exchange (HoSE) said that LEC shares of Central Power Real Estate Joint Stock Company are currently being handled for violations as follows:
Suspension of trading according to Decision No. 510/QD-SGDHCM dated September 9, 2024 due to the listed organization continuing to violate regulations on information disclosure on the stock market after being placed on the restricted trading list.
Controlled according to Decision No. 331/QD-SGDHCM dated June 18, 2024 because the after-tax profit of the parent company's shareholders on the audited consolidated financial statements in the last 2 years (2022 and 2023) is a negative number.
Warning according to Decision No. 330/QD-SGDHCM dated June 18, 2024 because the undistributed profit after tax in the company's audited consolidated financial statements for 2023 is a negative number (taking into account the impact of the auditor's exception opinion related to the undistributed profit after tax indicator).
LEC stock price movement of Central Power Real Estate Joint Stock Company.
Warning according to Decision No. 329/QD-SGDHCM dated June 18, 2024 by the auditing organization with an exception audit opinion on the audited consolidated financial statements for 2023.
Warning according to Decision No. 560/QD-SGDHCM dated September 14, 2023 due to the listed organization's delay in submitting the 2023 semi-annual audited financial report more than 15 days from the prescribed deadline.
On January 28, 2025, HoSE received Land Central's consolidated financial report for the fourth quarter of 2024 and announced the information to the market. Accordingly, the parent company's after-tax profit in 2024 was -39.92 billion VND and the undistributed after-tax profit as of December 31, 2024 was -7.24 billion VND.
Pursuant to Point e, Clause 1, Article 120 of Decree No. 155/2020/ND-CP dated December 31, 2020, the shares of a public company shall be delisted when the following cases occur: "Production and business results are losses for 3 consecutive years or the total accumulated loss exceeds the actual contributed charter capital or negative equity in the audited financial statements of the most recent year prior to the time of review".
Therefore, HoSE noted that Land Central's LEC shares are likely to be delisted if the audited consolidated financial statements for 2024 show production and business results with losses.
Land Central was established in 2007 by 4 founding shareholders, including: Vietnam Electricity Group (EVN), Central Power Corporation, Da Nang Power Company Limited and Khanh Hoa Power Joint Stock Company.
Land Central specializes in real estate business such as investing in building houses, buying houses, construction works for sale, rent; receiving transfer of land use rights...
Land Central's LEC shares were officially listed on HoSE on June 14, 2017. However, the performance of this code was not very favorable. In the first half month after listing, LEC continuously increased and peaked on July 6, 2017 at VND33,500/share. However, this was also the only period of improvement for this stock. After reaching the peak, LEC continuously declined, falling to VND5,770/share before being suspended from trading from September 16, 2024.
In terms of business performance, Land Central brought in VND 72.1 billion in the fourth quarter of 2024, an increase of 148.3% over the same period in 2023. After deducting expenses, the company lost VND 7.1 billion in the fourth quarter of 2024.
Explaining the difference in consolidated business results in the fourth quarter of 2024 compared to the same period last year, Land Central said that after-tax profit in the fourth quarter of 2024 was a loss of more than VND 7.1 billion, mainly due to a sharp increase in consolidated revenue in the fourth quarter of last year of 148.3% compared to the same period last year. This was mainly due to an increase in revenue from construction activities in the period, leading to a sharp increase in gross profit in the fourth quarter of 2024 of 122.8% compared to the fourth quarter of 2023, reaching VND 8.2 billion.
However, interest expense in the fourth quarter of last year also increased quite high by 46.2% compared to the same period last year 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 enough to offset interest expense and management expenses in the period. Therefore, profit after corporate income tax in the fourth quarter of 2024 was a loss of more than 7.1 billion VND.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/co-phieu-lec-nguy-co-bi-huy-niem-yet/20250207030935540
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