ANTD.VN - Due to not being able to record sales revenue at the Bac Ha Thanh Urban Area project, Phat Dat Real Estate has adjusted down 1,200 billion VND in revenue and 367 billion VND in after-tax profit in 2024.
The Board of Directors of Phat Dat Real Estate Development Joint Stock Company (Phat Dat Land - stock code: PDR) has just announced the Decision to approve the policy of adjusting revenue and profit after tax in 2024.
Accordingly, last year's revenue was adjusted from VND2,423 billion to VND1,223 billion, a decrease of VND1,200 billion. Correspondingly, after-tax profit also dropped sharply from the previously announced VND522 billion to VND155 billion, a decrease of VND367 billion.
 |
Sales revenue from Bac Ha Thanh Urban Area project will be transferred to 2025 |
Revenue and profit decreased sharply because the Company has not recorded business results arising from the transfer of real estate in phase 1 of the Bac Ha Thanh Urban Renovation and Residential Area project (Quy Nhon Iconic project). Revenue from this project will be recorded by Phat Dat Land in 2025 revenue.
Phat Dat Land believes that the adjustment of revenue and profit is carried out on the principle and spirit of prudence, in accordance with international practices and good standards in auditing and risk management, ensuring optimal benefits for shareholders, the Company and related parties.
Previously, when announcing its 2024 Independent Financial Report, Phat Dat Land said it had completed the transfer and recorded 627 products (including 92 serviced apartments and 535 land plots) of the Quy Nhon Iconic project. The company recorded "short-term receivables" from the group of customers buying this project as VND 1,478 billion.
At the investor meeting at the end of February, Mr. Nguyen Van Dat, Chairman of the Board of Directors of Phat Dat Land, said that Quy Nhon Iconic is a key project and is expected to contribute the most revenue this year.
In addition, the company also opens for sale many other projects with total expected revenue of about 40,000-50,000 billion VND and will gradually be recorded in the coming years.
Source: https://www.anninhthudo.vn/phat-dat-land-bat-ngo-dieu-chinh-giam-1200-ty-dong-doanh-thu-nam-2024-post605820.antd
Comment (0)