Recently, Ho Chi Minh City Stock Exchange (HOSE) announced to maintain the warning status for CIG shares of COMA 18 Joint Stock Company according to Decision No. 230/QD-SGDHCM dated April 14, 2022 of the General Director of Ho Chi Minh City Stock Exchange.
The reason given by HoSE is that the undistributed profit after tax as of June 30, 2023 was -289.9 billion VND based on the audited consolidated financial statements for the 2023 semi-annual period, the shares did not meet the provisions at Point b, Clause 4, Article 37 of the Regulations on Listing and Trading of Listed Securities issued together with Decision No. 17 dated March 31, 2022 of the Board of Members of the Vietnam Stock Exchange.
Previously, according to the audited semi-annual financial statements for 2023, CIG's after-tax profit was adjusted by the auditor to decrease by 60%, from VND 12.6 billion to VND 5 billion.
Thus, in the first half of 2023, COMA 18 recorded net revenue of VND44.1 billion, a sharp increase of 59% over the same period last year. According to the explanation, revenue comes from construction contracts, consulting revenue, revenue from leasing infrastructure of the Industrial Park and wastewater collection at Thanh Oai Industrial Park. Thanks to that, profit after tax also improved from a loss of VND6 billion to a profit of VND5 billion.
CIG stock performance over the past year (Source: Trading View).
Notably, according to the consolidated financial statements for the first 6 months of 2023, the accumulated loss as of June 30 was more than VND289 billion, almost all of the owner's investment capital. This content has raised doubts about the appropriateness of the company's assumption of going concern.
However, COMA 18 said that the financial statements for the accounting period from January 1, 2023 to June 30, 2023 are still prepared on the basis that the company will continue to operate continuously because the company's business plan and goals in the coming time are effective and the Board of Directors believes that with the proposed business plans, the company will gradually overcome financial difficulties, make a profit and the company will operate continuously.
As of June 30, the company has not yet determined the fair value of its financial assets and financial liabilities at the end of the fiscal year because Circular No. 210/2009 issued by the Ministry of Finance on November 6, 2009 as well as current regulations do not have specific guidance on determining the fair value of financial assets and financial liabilities.
On the stock market, in the morning trading session on September 7, CIG shares were up 0.27% and trading around VND 7,300/share, however, compared to the bottom in March 2023, the stock price has doubled .
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