How are Phat Dat, Hai Phat, and Nam Long companies doing?

Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) has just announced its financial report for the third quarter of 2023 with revenue of VND 355 billion, an increase of nearly 3,100% over the same period. However, profit after tax decreased by 86%, reaching only nearly VND 102 billion. The main reason is that in the same period last year, Phat Dat had revenue of thousands of billions from transferring shares of subsidiaries.

Accumulated in the first 9 months of the year, PDR's net revenue reached VND 550 billion and after-tax profit VND 400 billion, down 63% and 71% respectively compared to the same period in 2022.

Explaining the reason for the sharp decline in profits, Phat Dat said that due to the general difficult situation of the whole market, especially the real estate industry, investment in real estate projects was not favorable and the company's strategy was to restructure its investment portfolio.

As of the end of September 2023, Phat Dat's short-term assets were worth VND 16,504 billion, of which inventory value (projects in progress) accounted for the largest proportion, with more than VND 12,150 billion, down about VND 31 billion compared to the beginning of the year.

Regarding payables, it recorded nearly VND12,000 billion, down more than VND1,500 billion compared to the beginning of the year, equivalent to a decrease of 11.8%. Of which, short-term debt accounted for VND9,372 billion and long-term debt accounted for VND2,595 billion.

Hai Phat Investment Joint Stock Company (stock code: HPX) also announced that it achieved net revenue of VND 301 billion in the third quarter of 2023 and after-tax profit of only VND 4.33 billion, down 95.3% over the same period.

According to the report, HPX's short-term assets are about VND 6,279 billion. The largest proportions are receivables (VND 2,847 billion) and inventories (VND 3,320 billion). Compared to 2022, the value of inventories has decreased by 12%.

Liabilities decreased by more than 16% compared to the beginning of 2023, down to VND5,052 billion. Notably, HPX's equity is only VND3,518 billion.

Accumulated in the first 9 months of 2023, HPX's revenue reached 1,196 billion VND, after-tax profit recorded 61.5 billion VND, down 8.5% and 50.1% respectively over the same period.

According to Hai Phat, profits plummeted because some of the company’s projects were not yet qualified to hand over houses to customers for revenue accounting. In addition, product selling prices in 2023 decreased significantly compared to 2022.

Infrastructure Development Joint Stock Company (stock code: IJC) also recorded revenue and profit after tax in the third quarter of 2023 of VND 214.13 billion and VND 69.31 billion, respectively, down 58% and 42% over the same period last year. However, gross profit margin improved from 35.4% to 59.1%.

Accumulated in the first 9 months of 2023, this Company recorded revenue of VND 1,255.4 billion, down 28.5% over the same period and profit after tax of VND 319 billion, down 33.9% over the same period last year.

Meanwhile, Nam Long Investment Corporation (stock code: NLG) reported a 39% increase in after-tax profit in the third quarter of 2023 compared to the same period, reaching VND 70.93 billion, despite a 59.5% decrease in net revenue. Meanwhile, revenue decreased by 59.5%. The main reason is that the company was granted a corporate income tax deferral.

In the first 9 months of the year, Nam Long achieved VND1,546 billion in net revenue and VND194 billion in net profit, down 43% in revenue but up nearly 63% in profit compared to the same period. The negative operating cash flow was nearly VND1,893 billion due to the company paying interest on loans and increasing investment in projects.

Meanwhile, Nam Long's debt as of September 30, 2023 increased by about 6% compared to the beginning of the year, to nearly VND 14,560 billion; half of which is long-term bond debt. During the period, Nam Long borrowed more than VND 2,310 billion, paid principal of VND 1,841 billion and paid interest of more than VND 356 billion.

Source: https://nld.com.vn/kinh-te/cong-ty-phat-dat-hai-phat-nam-long-dang-lam-an-the-nao-20231022091625557.htm