Quoc Cuong Gia Lai (QCG) shares are cut off from margin trading

Recently, the Ho Chi Minh City Stock Exchange (HoSE) has decided to add shares of Quoc Cuong Gia Lai Joint Stock Company (Code QCG) to the list of stocks that are not eligible for margin trading (margin cut).

The reason is that the after-tax profit of Quoc Cuong Gia Lai's parent company's shareholders on the 2023 semi-annual audited consolidated financial statements is negative. If Quoc Cuong Gia Lai is included, there are currently 95 companies on the list of companies that have been cut off from margin trading by HoSE.

Quoc Cuong Gia Lai (QCG) had its margin cut by HoSE (Photo TL)

Regarding business performance, in the first 6 months of 2023, QCG achieved revenue of VND 211 billion, down nearly 68% compared to the same period last year. The reason given by the company was a sharp decline in real estate revenue. In the second quarter, the company did not record any revenue from real estate and suffered a loss of VND 13.7 billion while in the same period it made a profit of VND 29.6 billion.

Compared to the plan set at the beginning of the year with a revenue of 900 billion VND, Quoc Cuong Gia Lai has only completed 23.4% of the annual revenue plan. The loss of 13.7 billion VND makes QCG's pre-tax profit target of 50 billion VND even more distant.

At the end of the second quarter, Quoc Cuong Gia Lai's total assets reached VND9,650.2 billion. Of which, liabilities accounted for VND5,431.9 billion and equity accounted for VND4,328.4 billion. QCG's debt was mostly short-term debt with VND5,032.4 billion.

Source: https://www.congluan.vn/quoc-cuong-gia-lai-qcg-kinh-doanh-thua-lo-co-phieu-bi-cat-giao-dich-ky-quy-post264621.html