DNVN - No Va Real Estate Investment Group Corporation (Novaland, stock code: NVL) has just announced unusual information about late payment of principal and interest on bonds.
According to the announcement, Novaland could not pay on time the principal debt of VND149 billion and interest of more than VND24 billion for the bond lot NVLH2224006, with the planned payment date of September 16. The total unpaid amount is more than VND173 billion.
Novaland said it is reviewing its financial situation to negotiate with bondholders who have not agreed to the bond extension plan, and at the same time arrange funds to make late interest payments.
This is not the first time Novaland has had difficulty paying bond interest. On September 5, the company was late in paying interest on five bond lots with a total interest of more than VND107 billion. These lots include NVL2020-03-290, NVL2020-03-340, NVL2020-03-390, NVL2020-03-440 and NVL2020-03-470.
Novaland failed to pay the principal and interest of VND 173 billion for bond lot NVLH2224006 on time as planned on September 16.
According to credit rating company Vis Ratings, Novaland is one of the issuers that has delayed paying many bond lots since 2023. In August 2024, the company had 8 bond codes maturing with a total value of up to VND 1,620 billion.
Previously, in May, Novaland also delayed interest payments for two bond lots NVLH2232001 and NVLH2232002, with a total amount of more than VND170 billion. The company gave the reason as not having arranged enough money.
In the context of financial difficulties, Novaland's consolidated financial report for the second quarter of 2024 showed that after-tax profit reached VND344.6 billion, up 131.5% over the same period last year when it lost VND1,094 billion. The group explained that this change was mainly due to growth in financial revenue.
Recently, the Ho Chi Minh City Stock Exchange (HoSE) announced that NVL shares will be put on warning status from September 23 due to Novaland's delay in submitting its audited semi-annual financial report for 2024 beyond the prescribed deadline.
According to Novaland, the first 6 months of 2024 will be a period of strong restructuring for the group, with many positive changes in the financial situation, construction progress and handover of housing projects. However, due to the large and complicated volume of documents, the company needs more time to complete the review of financial statements.
As the pressure on bond payments has not been resolved, Novaland needs to take timely measures to ensure liquidity and stabilize the confidence of bondholders and investors.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/novaland-tiep-tuc-cham-tra-goc-lai-trai-phieu/20240922041945602
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