Novaland is late in paying bonds worth over 906 billion VND

(NLDO) - The bond lot with code NVLH2123011 includes 10 million bonds, issued by Nova Real Estate Investment Group Joint Stock Company (Novaland) on September 1, 2021.

Nova Real Estate Investment Group Corporation (Novaland) has just announced information on the situation of principal and interest payments on corporate bonds.

Novaland said that according to the plan, the company must pay the principal and interest for the bond lot coded NVLH2123011 with a total amount of more than 914.7 billion VND on March 3. Of this, 842.2 billion VND is the principal and nearly 72.5 billion VND is the interest. But by March 3, Novaland only paid nearly 8.8 billion VND. Thus, Novaland has delayed the payment of nearly 906 billion VND of the principal and interest of the bond.

According to the explanation, Novaland stated that it has not been able to arrange the source of money and is negotiating with investors about the payment of this bond lot.

Novaland's Auqa City project

The bond lot coded NVLH2123011 includes 10 million bonds, issued on September 1, 2021. With a face value of VND 100,000/bond, the total issuance value of the entire bond lot is up to VND 1,000 billion, with a term of 2 years, expected to mature on September 1, 2023.

The proceeds from this bond offering were contributed by Novaland to invest in and develop the Cu Lao Phuoc Hung Urban Area project, Tam Phuoc ward, Bien Hoa city, Dong Nai (commercial name is Phoenix Island Project) and other investment projects of the enterprise.

Previously, Novaland also delayed payment of nearly VND 795.3 billion in principal and interest of bond lot code NVLH2123009 due to not being able to arrange the source of funds.

Novaland has just announced the resolution of the Board of Directors, according to which it is expected to hold the 2025 Shareholders' Meeting on April 24, 2025.

According to the consolidated financial report for the fourth quarter of 2024, Novaland achieved revenue of nearly VND 4,778.6 billion, an increase of 135.9% over the same period in 2023. After deducting taxes and fees, Novaland reported net profit in the fourth quarter of 2024 of more than VND 25.6 billion, a sharp decrease of 98.2%.

In 2024, Novaland achieved a net revenue of more than VND 9,073 billion, an increase of 90.7% compared to 2023; a net loss of nearly VND 4,351 billion (mainly due to provision for land use tax at the Lakeview City project). Meanwhile, in 2023, the company's net profit was nearly VND 485.9 billion.

Closing the stock trading session on March 5, NVL stock price reached 10,200 VND/share, slightly down 100 VND/share,

Source: https://nld.com.vn/novaland-cham-thanh-toan-lo-trai-phieu-hon-906-ti-dong-196250305172142573.htm