Hoang Anh Gia Lai (HAG) sells hotel to pay debt
Recently, Hoang Anh Gia Lai Joint Stock Company (HAG) held a meeting with investors and announced some information related to the business situation of the unit. Notably, it sold Hoang Anh Gia Lai Hospital to pay off debt.
Hoang Anh Gia Lai Hospital's full name is University of Medicine and Pharmacy Hospital - Hoang Anh Gia Lai, headquartered at Le Duan Street, Pleiku City, Gia Lai Province. The hospital has 11 inpatient departments, 6 functional rooms and 20 specialized clinics.
Hoang Anh Gia Lai (HAG) continues to sell hospitals to pay off debts (Photo TL)
The sale of the hospital is considered one of the asset liquidation activities to gradually pay off Hoang Anh Gia Lai's due debts.
Previously, HAG also sold Hoang Anh Gia Lai Hotel located at No. 1 Phu Dong, Phu Dong Ward, Pleiku City, Gia Lai Province and earned about 180 billion VND. This amount was also used to pay off debt.
Many months without announcing business profits
Hoang Anh Gia Lai is one of the units that updates the most complete business results for investors every month. However, in the past few months, the company has only announced revenue and stopped announcing the achieved profits.
In October 2023, Hoang Anh Gia Lai's revenue reached 711 billion VND, up 52.3% over the same period. Of which, the fruit tree segment contributed 410 billion VND, equivalent to 57.7% of total revenue. The livestock segment brought in 198 billion VND, equivalent to 27.8% of revenue. The supporting segment brought in 103 billion VND, equivalent to 14.5% of revenue.
According to the company's announcement, the output of pork in the month reached 35,400 heads, banana and durian output reached 39,100 and 442 tons respectively. Despite the positive business results, HAG continued to not announce the profits achieved.
Notably, in the past 2 years, HAG has continuously reported profits of hundreds of billions of VND each quarter. The company's last reported loss was in the first quarter of 2021 with a loss after tax of 68.8 billion VND. And despite continuously reporting profits, HAG has had to postpone bond repayments many times. The company even had to liquidate some unprofitable assets to get money to pay off debts.
In the Q3 financial report, Hoang Anh Gia Lai recorded revenue of VND1,889.4 billion, up 31.1% over the same period. Profit after tax reached VND324.6 billion, up 12.2%. Part of this sudden increase in profit also came from the liquidation of fixed assets, contributing VND144.1 billion to the Q3 business results.
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