Rare: Geleximco's thermal power company 'mistakenly' reported a huge loss as a profit, mobilizing thousands of billions in bonds

Thang Long Thermal Power Plant - Photo: GELEXIMCO

It is not uncommon for many businesses to have to make corrections when submitting financial reports. However, it takes nearly a year to re-report a mistake from loss to profit when the columns "previous period" and "reporting period" are placed in the wrong position like Thang Long Thermal Power Joint Stock Company, which is quite rare.

Specifically, in a notice recently sent to the Hanoi Stock Exchange, Thang Long Thermal Power has corrected its 2023 financial report.

According to this report, Thang Long Thermal Power Plant lost up to 528 billion VND in 2023, while in 2022, it made a profit of 121.8 billion VND.

Comparing with the report published by this company last year, Thang Long Thermal Power reported a loss of VND 528 billion in 2022, but a profit of VND 121.8 billion in 2023.

The confusion arose when the person who prepared and approved the table "mixed up" the positions of "previous period" and "next period", causing the reader to seriously misunderstand the business results of this enterprise.

Report after correction of Thang Long Thermal Power

Notably, in 2024, the thermal power company under Geleximco Group issued two corporate bond tranches with a total value of nearly VND1,800 billion. Both bond tranches were issued in August 2024 and matured in August 2027.

Regarding Thang Long Thermal Power, the company had equity of VND3,981 billion at the end of 2023, according to the corrected report. This level is a significant decrease compared to the figure of VND4,509 billion at the end of 2022.

As of December 31, 2023, the company's payable/equity ratio is 2.46 times, equivalent to nearly VND 9,800 billion. The after-tax profit margin/equity (ROE) in 2023 is -13%.

On Geleximco's website, the Thang Long Thermal Power project is introduced with a total investment of over 20,000 billion VND, the first large-scale private thermal power project in Vietnam.

According to the latest financial report, in the first half of 2024, Thang Long Thermal Power Joint Stock Company continued to suffer a loss after tax of more than 457 billion VND.

Geleximco Chairman withdraws resignation from ABBank

Recently, the board of directors of An Binh Bank (ABBank) announced that it had received a request to withdraw the resignation of Mr. Vu Van Tien from his position as a member of the board of directors. Mr. Tien is currently the vice chairman of ABBank.

Accordingly, the bank's board of directors will not submit to the 2025 annual general meeting of shareholders the dismissal of Mr. Tien.

In the application, Mr. Tien stated the reason for withdrawing his resignation after considering and rearranging his work, based on discussions within the board of directors to continue working with the board of directors of this bank.

Mr. Tien's resignation letter to the board of directors from January 2025.

Mr. Tien was born in 1959, has a bachelor's degree in economics, and is currently the chairman of the board of directors of Geleximco Group.

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BINH KHANH

Source: https://tuoitre.vn/hy-huu-cong-ty-nhet-dien-cua-geleximco-bao-nham-lo-dam-thanh-lai-huy-dong-nghin-ti-trai-phieu-20250326091855138.htm