Tan Tao Investment and Industry Corporation's (ITA) second quarter and semi-annual profits increased sharply compared to the same period last year, but due to continuous delays in submitting audited financial reports, ITA shares were suspended from trading.
ITA shares have been on warning list many times.
Immediately after receiving information that ITA shares (Tan Tao Investment and Industry JSC, HOSE) were suspended, Ms. Thanh Thuy (33 years old, Thanh Xuan District, Hanoi) quickly "acted": "After receiving information about the suspension, I sold ITA shares heavily on the floor for 2 sessions today (September 17-18, 2024), accepting a loss to avoid the situation where the upcoming suspension will make it impossible to trade anymore."
ITA stock performance over the past year (Photo: SSI iBoard)
At the end of today's session, ITA shares recorded two consecutive sessions (September 17-18) of sharp declines, down 6.8% and 5.3% respectively, with the selling side dominating.
In fact, in the past year, ITA shares have been traded at a fairly low price on the floor, ranging from 2,300 - 5,500 VND/share.
It is known that in the late afternoon of September 16 , the Ho Chi Minh City Stock Exchange (HOSE) announced that ITA shares were put on the list of suspended trading. The reason is that the company continuously violated regulations on information disclosure on the stock market. Previously, this stock was put on the list of restricted trading for the same reason.
30 auditing units refused to audit for ITA
Accordingly, Tan Tao has not yet completed the announcement of the 2023 audited financial statements, 2023 annual reports and 2024 semi-annual audited financial statements as prescribed.
Previously, on June 24, Tan Tao sent a dispatch to the State Securities Commission (SSC) to explain the reason for force majeure, but the company has not yet received a response. However, HOSE still issued a decision to put ITA shares under restricted trading since July 16.
Specifically, ITA has clearly and in detail explained that over the past months, although the company has made every effort to contact and persuade all auditing units (30 auditing companies are accepted for public interest units in the securities sector in 2023), all auditing companies have refused.
Tan Tao said: "The main reason is that the State Securities Commission has suspended the qualifications of the auditors who audited the financial statements for 2021, 2022 and the reviewed semi-annual financial statements for 2023 in an unusual and non-transparent manner, causing all other auditing firms to be afraid of auditing the company."
Therefore, the company emphasizes that, in order to protect the business and the interests of investors, it urgently requests the State Securities Commission to allow Tan Tao to temporarily postpone the disclosure of information about the above reports until Tan Tao finds an auditing company and completes the auditing work.
Currently, Tan Tao is trying to find and convince auditing companies to complete the audited financial statements for 2023 and the reviewed semi-annual financial statements for 2024.
ITA's profit increased sharply despite the absence of the Chairman of the Board of Directors
Ms. Dang Thi Hoang Yen (also known as Maya Dangelas), Chairwoman of the Board of Directors of ITA, is currently an American citizen and resides in Texas (USA). Ms. Dang Hoang Yen is the founder of Tan Tao Group, an industrial park developer in Vietnam, and is also the Chairwoman of the Board of Directors and General Director of Saigon - Mekong.
She is currently the individual owning the highest number of shares at ITA with 54.3 million shares, equivalent to 5.79%.
Despite being the chairwoman, she has been absent from shareholders' meetings many times since 2013-2019 and has only appeared online recently.
Regarding business results, in the self-prepared financial statements, in the first 6 months of this year, ITA continued to record "positive" profits from the end of 2023 until now.
Accordingly, in the second quarter of 2024, ITA achieved VND 70.9 billion in net revenue, down 12.8% over the same period last year. Thanks to cutting expenses, ITA's after-tax profit in the second quarter of 2024 still increased sharply, nearly 2 times higher than the same period last year, reaching VND 44 billion.
In the first 6 months of 2024, ITA earned 64.2 billion VND in profit after tax, an increase of 64.6% compared to the first 6 months of 2023.
Profit development at ITA in recent years
Source: Financial Statements
In fact, business activities at ITA have only picked up since the end of 2023 after two consecutive years of net losses.
That is why ITA shares were once put under control (from June 22, 2023) for the above reason.
As of September 26, 2023, HOSE has decided to remove ITA shares from control because Tan Tao Group has recorded a profit after tax of the parent company's shareholders in the first 6 months of 2023 of VND 35.88 billion and an undistributed profit after tax up to June 30, 2023 of VND 402 billion according to the audited consolidated financial statements for the first half of 2023. At the same time, ITA shares were removed from the warning list from the above date.
Source: https://phunuvietnam.vn/truoc-khi-co-phieu-bi-dinh-chi-giao-dich-ita-cua-nu-doan-nhan-hoang-yen-kinh-doanh-ra-sao-20240918202402016.htm
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