DNVN – The Ho Chi Minh City Stock Exchange (HoSE) has just announced to handle many violations regarding LEC shares of Central Power Real Estate Joint Stock Company (Land Central), in which the highest violation handling level is suspension of trading.
According to the announcement issued on September 13, HoSE maintains the warning status for LEC shares of Central Power Real Estate Joint Stock Company according to Decision No. 329 dated June 18, 2024.
The reason is that the auditing organization concluded that, except for the audited consolidated financial statements for the 2024 semi-annual period, the shares did not meet the regulations in the Listing and Trading Regulations on Listed Securities.
Maintain the warning status of LEC shares according to Decision No. 330 dated June 18, 2024 of HoSE because the undistributed profit after tax as of June 30, 2024 is VND 2.25 billion and the auditing organization has an exception conclusion based on the audited semi-annual financial report of 2024. LEC shares also do not meet the regulations in the Regulations on listing and trading of listed securities.
Maintain control of LEC shares according to Decision No. 331 dated June 18, 2024 of HoSE.
EVNLand Central Da Nang complex project by Land Central. (Photo: Land Central).
The reason is that the after-tax profit of the parent company's shareholders in the audited consolidated financial statements for the first half of 2024 is negative (negative VND 39.43 billion), and the shares do not meet the regulations under the Listing and Trading Regulations for Listed Securities.
In particular, previously, HoSE announced the suspension of trading of LEC shares according to Decision 510 dated September 9, 2024 because the listed organization continued to violate regulations on information disclosure on the stock market after being placed on the restricted trading list.
In addition, HoSE also warned LEC shares according to Decision No. 560 dated September 14, 2023 because the listed organization was 15 days late in submitting the audited semi-annual financial report for 2023 compared to the prescribed deadline.
Regarding business situation, according to the consolidated business results report for the first 6 months of 2024 of Central Power Real Estate JSC, sales revenue and service provision in the first 6 months of 2024 only reached 31.3 billion VND, down 55.4% compared to the same period last year (70.2 billion VND).
After deducting expenses, after-tax profit was negative VND34.4 billion, a sharp increase compared to negative VND17 billion in the same period in 2023, equivalent to an increase of 102.3%.
According to Land Central's explanation, the loss of VND34.4 billion in after-tax profit in the first half of this year was mainly due to a sharp decrease in consolidated revenue in the first 6 months of 2024 at a rate of 55.4% compared to the same period last year. The reason was that revenue from construction activities at the subsidiary during the period decreased, leading to gross profit in the first half of this year stopping at only VND2.9 billion, a sharp decrease of 52.5% compared to the first half of 2023.
Financial expenses in the period increased sharply compared to the first half of last year, mainly due to financial expenses of VND 18.5 billion arising from the subsidiary (Hoa Binh Sun Investment and Development Joint Stock Company) becoming an affiliated company.
Business management costs in the period decreased slightly by 1.4% compared to the same period last year, while other costs at subsidiaries in the period increased sharply compared to the first 6 months of last year, leading to a loss of 34.4 billion VND in after-tax profit in the first half of this year.
Central Power Real Estate JSC was established in 2007 by 4 founding shareholders, including: Vietnam Electricity Group, Central Power Corporation, Da Nang Power One Member Co., Ltd. and Khanh Hoa Power Joint Stock Company.
Land Central's main business is real estate business with investment activities to create houses, buy houses, construction works for sale, lease; receive transfer of land use rights...
Land Central is located at Lot A5, Pham Van Dong Street, An Hai Bac Ward, Son Tra District, Da Nang City. The Chairman of the Board of Directors of Land Central is Mr. Nguyen Khang Chien. Mr. Chien was elected to the position of Chairman of the Board of Directors and General Director after the Extraordinary General Meeting of Shareholders on November 16, 2016.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/hose-xu-ly-loat-sai-pham-cua-cong-ty-bat-dong-san-dien-luc-mien-trung-lec/20240914092008998
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