(NLDO)- By the end of 2024, Truong Thanh Wood's accumulated loss will be 3,234 billion VND.
Ho Chi Minh City Stock Exchange has just announced a report of Truong Thanh Wood Industry Group Joint Stock Company (stock code: TTF) on the termination of operations of its branch in Lai Uyen town, Bau Bang district, Binh Duong province.
The reason is to restructure the product portfolio, focus on machinery, equipment, raw materials and resources to develop fireproof wood products with higher added value and differentiation at TTF Binh Duong factory.
At the same time, Truong Thanh Wood also announced the policy of divesting all capital contributions at Central Wood Joint Stock Company, in addition to terminating the project of the wooden board and furniture factory in Nhon Hoa Industrial Park (Binh Dinh province) and dissolving Central Wood Joint Stock Company.
Truong Thanh Wood used to be the leading wood enterprise in the industry. Source: Truong Thanh Wood
Truong Thanh Wood was once known as the "king of wood" but has fallen into difficulty and suffered losses for many years.
In 2024, Truong Thanh Wood's net revenue reached VND1,224 billion, down 21% compared to the previous year. After deducting expenses, the company achieved a profit after tax of VND12.5 billion, a positive growth compared to the loss of VND133.6 billion in 2023. However, the company still failed to complete the set plan.
By the end of 2024, Truong Thanh Wood still had an accumulated loss of VND 3,234 billion; debt of VND 2,404 billion, of which short-term and long-term loans accounted for about 20%.
This enterprise is currently chaired by Mr. Mai Huu Tin. Mr. Tin is known as the "rescue" boss after the success of two deals with Tan My water tank and Saigon paper.
In the market, TTF shares are under warning and the closing price on March 13 was VND 3,140/share, down slightly by 1% compared to the beginning of 2025.
Source: https://nld.com.vn/ly-do-go-truong-thanh-dong-cua-chi-nhanh-nha-may-va-giai-the-cong-ty-con-196250313153731765.htm
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