Thuan An Wood (GTA) was fined and had to pay back taxes of 134 million VND.
Thuan An Wood Processing JSC (code GTA) has just announced that it has received a decision to handle tax administrative violations from the Binh Duong Provincial Tax Department.
Accordingly, Thuan An Wood was administratively sanctioned for tax violations in 3 years 2020, 2021 and 2022 including: Collection of personal income tax of more than 90 million VND; administrative fine for false declaration of 31 million VND.
Thuan An Wood (GTA) was fined and had to pay back taxes of 134 million VND (Photo TL)
In addition, Thuan An Wood was also fined an additional 13.5 million VND for late payment of personal income tax. Thus, the total amount of tax arrears and fines imposed on Thuan An Wood is 134 million VND.
The fact that Thuan An Wood was fined for tax violations occurred in the context of the company's business results having many strong fluctuations, causing many investors to express concern.
9-month revenue down 55%, profit down 50%
In the third quarter of 2023, Thuan An Wood recorded net revenue of VND 75.6 billion, down about 30% year-on-year. Cost of goods sold accounted for VND 69.9 billion, also down 30%. Gross profit was only VND 5.7 billion, down about 28.7% year-on-year.
Financial revenue in the third quarter reached nearly VND4 billion, down 11.1% year-on-year. However, in return, financial expenses also decreased to only about 30% compared to last year, recording VND1 billion. Of which, almost all were interest expenses.
Selling expenses and administrative expenses did not fluctuate much, recorded at 1.5 billion and 4.1 billion VND respectively. The profit from Thuan An Wood's business activities reached 3 billion VND, down 21% compared to the same period. Profit after tax reached 2.3 billion VND, down 20.6%.
Cumulative revenue in the first 9 months of the year, Thuan An Wood achieved 190.1 billion VND, down 55.6%. Profit after tax decreased 50% to only 7.1 billion VND.
Short-term debt reduced to only 108 billion VND
In terms of asset structure, at the end of the third quarter of 2023, Thuan An Wood's total assets reached 310.5 billion VND, down 17.5% over the same period. Cash and cash equivalents decreased from 35 billion to only 6 billion VND. Short-term financial investments decreased to only 201.6 billion VND.
Inventory decreased from 55.7 billion to only 35.2 billion VND, the company did not record any inventory depreciation provisions.
In the capital structure of Thuan An Wood, payables currently account for 150.9 billion VND, equivalent to 48.6% of total capital. Notably, the short-term debt ratio decreased from 156.7 billion to only 108.7 billion VND, down nearly 1/3 compared to the same period. The company has almost no long-term debt.
Owner's equity is 159.6 billion VND, of which the company is currently holding negative treasury shares of 6.7 billion VND. Undistributed profit after tax is 7.1 billion VND.
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