DNVN - Truong Thanh Wood Industry Group Joint Stock Company (TTF) has just received a document from the Ho Chi Minh City Stock Exchange reminding it of the delay in announcing information explaining the difference in after-tax profit on the 2024 semi-annual audited financial report.
On August 30, Ho Chi Minh City Stock Exchange (HoSE) received the information disclosure of the 2024 semi-annual audited financial statements (FS) of Truong Thanh Wood Industry Group Joint Stock Company (stock code: TTF).
On September 4, TTF announced information explaining the reason for the difference of over 5% between after-tax profit on the audited semi-annual financial statements for 2024 before and after the audit.
On September 6, TTF announced information explaining the reason for the change in after-tax profit from loss in the same period report of the previous year (reviewed semi-annual financial statements of 2023) to profit in the reviewed semi-annual financial statements of 2024.
HoSE has issued an official dispatch reminding Truong Thanh Wood Industry Group Joint Stock Company for delaying information disclosure according to regulations.
Pursuant to Circular 96 dated November 16, 2020 of the Ministry of Finance, HoSE believes that Truong Thanh Wood Industry Group Joint Stock Company has been slow to disclose information as prescribed.
Therefore, HoSE issued a notice reminding TTF to seriously fulfill its reporting and information disclosure obligations in accordance with regulations on securities and the stock market to ensure shareholders' rights.
According to the audited separate financial report for the first 6 months of this year, TTF's net revenue was VND537.7 billion, down 10.9% over the same period last year. Profit after tax was VND3.34 billion - up 41.9% over the same period in 2023.
According to TTF's explanation, the main reason is that the company's gross profit from sales improved from production improvement activities and reversal of bad debt provisions.
According to the consolidated financial report, revenue in the first half of 2024 reached VND699.2 billion, down 17.3% over the same period last year. Profit after tax stopped at VND0.1 billion compared to a loss of VND39.7 billion in the same period in 2023.
The reason is that Truong Thanh Wood recorded the effects from the company's gross profit from sales improved from production improvement activities and the overdue interest payment was cleared by the Vietnam Development Bank - Dak Lak branch.
Previously, on September 5, HoSE announced that it would maintain the warning status for TTF shares of Truong Thanh Wood Industry Group Joint Stock Company. The reason is that TTF's undistributed profit after tax as of June 30, 2024 was negative VND 3.2 billion. Based on the audited consolidated financial statements for the first half of 2024, the shares did not meet the regulations in the Listing and Trading Regulations for Listed Securities.
In April, according to published documents, TTF submitted a proposal to the General Meeting of Shareholders to cancel the private offering of more than 41 million shares.
TTF said that after working with the management agencies, based on the reassessment of the unfavorable market situation, affecting the offering and the interests of shareholders, as well as reassessing the capital use plan and the business plan of the enterprise. Accordingly, the Board of Directors submitted to the General Meeting of Shareholders for approval to cancel the plan to offer 41.12 million individual shares to professional securities investors, which was approved by the 2022 Annual General Meeting of Shareholders in Resolution No. 1/2022/ĐHĐCĐ-TTF.
In case there is a need for capital to serve production and business activities, Truong Thanh Wood will continue to implement the capital increase plan. The implementation of the capital increase plan will be submitted by the Board of Directors to the General Meeting of Shareholders for consideration and approval at the General Meeting of Shareholders.
Truong Thanh Wood Industry Group Joint Stock Company, formerly Truong Thanh Wood Industry Company Limited, was established in 2000. The company's main business is the production and trading of wood products. Mr. Mai Huu Tin is currently the Chairman of the Board of Directors, and Mr. Nguyen Trong Hieu is the General Director.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/go-truong-thanh-ttf-bi-nhac-nho-cham-cong-bo-thong-tin/20240925034230580
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