DNVN - On February 7, Truong Thanh Wood Industry Group Joint Stock Company (Truong Thanh Wood, stock code: TTF) issued a document explaining measures and roadmap to overcome the situation of securities being warned in the fourth quarter of 2024.
According to the financial report of the fourth quarter of last year of Truong Thanh Wood Industry Group Corporation (Truong Thanh Wood, stock code: TTF), sales revenue and service provision in 12 months reached 1,224 billion VND, profit after tax reached 11.3 billion VND. Production and business activities continued to be stable and there was an increase in the number of customers compared to previous quarters.
The company continues to implement measures and roadmap to overcome the stock warning situation by expanding the market and maintaining customers. In particular, strengthening relationships with existing customers, expanding the network of strategic partners and promoting access to potential customers.
Improve product quality and innovation. Improve quality control processes, ensure compliance with technical standards and on-time delivery.
TTF shares of Truong Thanh Wood are still under warning according to the decision of HoSE issued on September 5, 2024.
Regarding human resource development, the company trains and improves the skills of its staff, improves work efficiency and professionalism in each stage of production and business. Adapts to the world economic situation by proactively seeking stable sources of raw materials, diversifying export markets and being flexible in adjusting production plans to suit global economic fluctuations.
In addition, TTF also enhances financial transparency, restructures businesses, promotes strategic cooperation as well as grows exports and boosts projects.
According to Truong Thanh Wood, with the business results achieved in 2024 and with specific solutions and plans, the company believes that production and business activities in the coming time will achieve many positive results, gradually reducing and eliminating accumulated losses, overcoming the causes leading to the situation of securities being put on the warning list. Thereby, creating a stepping stone for TTF's sustainable development journey in the following years.
Previously, on September 5, 2024, HoSE announced to maintain the warning status for TTF shares of Truong Thanh Wood. 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 September and October 2024, Truong Thanh Wood received a dispatch from HoSE reminding it to delay the disclosure of information explaining the difference in after-tax profit on the 2024 semi-annual audited financial statements and TTF's bank account was frozen.
According to HoSE's official dispatch, on October 1, HoSE received information from TTF about the company's bank account being frozen according to Decision No. 06 dated September 12, 2024 of Tan Uyen City People's Court, Binh Duong province due to a dispute over a goods sale contract.
Pursuant to the provisions of Circular 96/2020/TT-BTC of the Ministry of Finance guiding information disclosure on the stock market, HoSE believes that TTF has been slow to disclose information as prescribed.
Therefore, HoSE reminded TTF to seriously fulfill its reporting and information disclosure obligations in accordance with regulations on securities and the securities market to ensure shareholders' rights, and at the same time issue an official dispatch explaining the delay in information disclosure.
Regarding the business situation, TTF's consolidated financial report for the fourth quarter of 2024 shows that the company's sales and service revenue for the fourth quarter of 2024 only reached VND 289.9 billion, a sharp decrease compared to VND 458 billion recorded in the same period in 2023. Accumulated to December 31, 2024, sales and service revenue stopped at VND 1,232 billion, far lower than the VND 1,567 billion achieved in 2023.
Excluding expenses, in the fourth quarter of last year, TTF's after-tax profit was VND1.6 billion - an improvement compared to a loss of VND4.6 billion in the same period in 2023. Accumulated for the whole year of 2024, TTF lost VND1.1 billion; while in 2023, this enterprise lost VND10.6 billion.
Truong Thanh Wood was established in 2003. By 2028, Truong Thanh Wood's TTF shares were listed on the Ho Chi Minh City Stock Exchange. The company's headquarters are located in Tan Uyen City, Binh Duong Province.
TTF and its subsidiaries specialize in manufacturing, processing, and trading interior and exterior wooden furniture; ceramic sanitary ware products; afforestation and civil construction. 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-giai-trinh-khac-phuc-tinh-trang-chung-khoan-bi-canh-bao/20250208105616812
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