Truong Thanh Wood (TTF) divests all capital from Vietones

Truong Thanh Wood Industry Group Corporation (Code: TTF) has just announced a resolution to completely divest from Vietones Corporation. This is a company operating in the field of construction stone production in Binh Duong province.

As of December 28, 2023, TTF owns 20% of Viettones' charter capital. The company has approved the divestment policy from Viettones from December 29, 2023.

Truong Thanh Wood (TTF) business is losing money, must sell Viestones shares (Photo TL)

Regarding the business situation in the third quarter of 2023, Truong Thanh Wood recorded revenue of VND 386.5 billion, an increase of about 8.3% over the same period. Gross profit in the period reached VND 61.8 billion, equivalent to a gross profit margin of 15.6%.

During the period, financial revenue reached VND10 billion while financial expenses decreased slightly by 5.2% to VND18.9 billion. Selling expenses and administrative expenses accounted for VND62.1 billion. The company recorded a loss after tax of VND19.2 billion, an increase compared to the same period last year.

Cumulative revenue of Truong Thanh Wood in the first 9 months of the year reached 1,103.1 billion VND, down 27.2% over the same period. At the same time, the company also recorded a loss after tax of 42.7 billion VND while in the same period it was still making a profit of 13.1 billion VND.

Compared with the 2023 business plan with revenue of VND 2,222 billion and after-tax profit of VND 54 billion, Truong Thanh Wood has only completed half of the revenue plan and is still far from the annual profit plan.

Source: https://www.congluan.vn/kinh-doanh-thua-lo-go-truong-thanh-ttf-thoai-toan-bo-von-khoi-viestones-post279133.html