ANTD.VN - Vietnam Airlines successfully held its 2023 annual general meeting of shareholders, overcoming the cause that led to its securities being put on warning status according to regulations.
The Ho Chi Minh City Stock Exchange (HoSE) has just decided to remove HVN shares of Vietnam Airlines Corporation (stock code: HVN) from the warning list, from December 26.
The reason is that Vietnam Airlines successfully held the 2023 annual general meeting of shareholders on December 16, overcoming the cause that led to the stock being put on warning status according to regulations.
Previously, HVN was put on warning status since July 11 because it has not held an annual general meeting of shareholders for more than 6 months from the end of fiscal year 2022, which is a case of securities being warned according to regulations.
At that time, Vietnam Airlines could not hold a general meeting of shareholders because it had not completed the audited financial report for 2022.
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Vietnam Airlines shares removed from warning list |
In the document requesting a temporary postponement of the announcement of financial statements, Vietnam Airlines said that it needs more time to compare reports, confirm reports, and synthesize data in compliance with auditing standards.
For the parent company, in 2022, Vietnam Airlines restructured and merged 5 affiliated units, and closed tax codes at the merged branches, so the work of comparing reporting data between agencies and units was prolonged.
In addition, during the period affected by the Covid-19 pandemic, the corporation negotiated and received approval (conditionally) from many foreign suppliers to reduce prices of goods and services and delay payments.
Due to changing conditions in contract performance, Vietnam Airlines needs more time to reconcile and confirm debt to meet auditing standards.
However, this proposal of Vietnam Airlines was not accepted by HoSE and HVN shares were put on warning list.
Although it has now escaped the warning list, more than 2 billion HVN shares are still at risk of being delisted due to violating all three conditions, including: business results have been losing money for 3 consecutive years; total accumulated losses exceed the actual contributed charter capital; negative equity in the audited financial statements of the most recent year before the review period.
Answering shareholders' questions on this issue at the annual general meeting of shareholders on December 16, Chief Accountant Tran Thanh Hien said that Vietnam Airlines' situation is very special. Before the Covid-19 pandemic, Vietnam Airlines was one of the enterprises with large capitalization, profitability and healthy finances on the HoSE. However, the pandemic has had a major impact on the global economy and aviation, this is a very objective situation.
“I believe that State agencies and relevant agencies will study and evaluate the above factors objectively and carefully. We expect that HVN shares will remain on the stock exchange,” said Mr. Hien.
In the third quarter, Vietnam Airlines' net revenue increased by VND2,413 billion compared to the same period last year, an increase of more than 11% to VND23,569 billion. However, the cost of goods sold was also high at VND22,329 billion, causing gross profit to fall to VND1,240 billion. Selling expenses and administrative expenses were also higher than the same period last year, at VND1,370 billion and VND542 billion, respectively.
After deducting taxes and fees, Vietnam Airlines reported a loss after tax in the third quarter of up to VND2,203 billion. However, this loss has improved compared to the loss of VND2,546 billion in the same period last year.
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