Revealing the owners of many hotels located on the "golden land" of Ho Chi Minh City but continuously reporting losses of several hundred billion

Novotel Saigon Centre is introduced to be located close to the center of Ho Chi Minh City - Photo: DN Website

According to information from the Hanoi Stock Exchange (HNX), Thien Phuc International Hotel One Member Co., Ltd. has just reported its preliminary financial situation for the first half of this year.

This company is known as the owner of the 4-star Novotel Saigon Centre hotel with 247 rooms located at 167 Hai Ba Trung, District 3, Ho Chi Minh City, a few minutes' walk from the city center.

The company's report shows that Thien Phuc's business and financial situation has improved compared to the same period last year, but there are still many concerns due to prolonged losses and negative equity.

Specifically, Thien Phuc Company reported a loss of more than 115 billion VND in the first 6 months of this year, while in the same period last year it lost nearly 370 billion VND.

At the end of June 2024, Novotel Saigon Centre's owner had negative equity of more than VND 454.5 billion, compared to VND 902 billion in the same period last year.

Thien Phuc's debt/equity ratio reached 10.67 at mid-year, equivalent to a debt of about VND4,850 billion. Of which, outstanding bonds accounted for nearly VND3,000 billion.

Notably, at the end of last year, the owner of the 4-star Novotel Saigon Centre hotel unexpectedly reported a profit after tax of more than VND194 billion. The profit was mainly in the second half of the year, because the company still suffered a large loss in the first 6 months of last year.

Previously, in both 2021 and 2022, Thien Phuc Company reported losses of 785 billion VND and 783 billion VND, respectively.

Bong Sen Joint Stock Company - owner of a series of famous hotels in Ho Chi Minh City - is also struggling as it continuously reports losses.

The 2023 financial information report shows that Bong Sen lost 668 billion VND. In 2021 and 2022, Bong Sen lost 185 billion VND and 478 billion VND respectively.

The owner of the prime land hotel Nguyen Hue is still struggling

On the website, Bong Sen introduces itself as a member company of Saigon Tourist Corporation (Saigontourist), then switched to operating as a joint stock company since 2005.

Bong Sen owns a chain of prime hotels in Ho Chi Minh City, including: Bong Sen Saigon (117-123 Dong Khoi), Palace Saigon (56-66 Nguyen Hue), Bong Sen Annex (61-63 Hai Ba Trung)... and restaurants in Nguyen Hue walking street... These units are all located right in the city center, considered "golden land".

In addition, information from HNX also said that Vinametric Company Limited - owner of Saigon Prince Hotel (one of the most prime hotels on Nguyen Hue Street) also reported a loss of VND 183 billion in 2022.

Source: https://tuoitre.vn/lo-dien-chu-nhieu-khach-san-toa-lac-tren-dat-vang-tp-hcm-nhung-lien-tuc-bao-lo-vai-tram-ti-20240826134543466.htm