Saigonres changed from a profit of VND2.4 billion in its self-made report to a loss of VND23.4 billion after audit due to a decrease in revenue and an increase in business management costs.
Saigon Real Estate Corporation (Saigonres - stock code: SGR) has just announced its audited consolidated financial statements for the first half of 2024 with many items experiencing strong fluctuations.
Specifically, Saigonres' net revenue decreased by 21.4% after audit, from VND76.6 billion in the self-prepared report to VND60.2 billion. Revenue decreased, so when deducting cost of goods sold, gross profit only reached VND25.4 billion instead of VND40.5 billion as in the previously published report. Business management expenses increased by 48.4% compared to before audit, to VND33.1 billion.
After adjusting the above items, Saigonres changed from a profit of VND2.4 billion in its self-prepared report to a loss of VND23.4 billion after audit. The management board said the reason was due to the adjustment to reduce revenue from real estate transfers. This revenue will be transferred to the next period when it meets the conditions for recognition. In addition, the enterprise management expenses after audit increased sharply due to the implementation of provisions for receivables as requested by the auditor.
Compared to the revenue target of VND628 billion and profit after tax of VND190 billion (an increase of 48.1% compared to the actual in 2023) set at this year's General Meeting of Shareholders, Saigonres has completed 9.6% of the revenue plan and is still far from the profit target. At the time of setting this plan, Saigonres' leaders predicted that the market would improve from the second half of 2024 thanks to factors such as the removal of legal obstacles and difficulties of projects being actively resolved by authorities at all levels.
As of the end of June, Saigonres' total assets reached VND2,094 billion, an increase of VND46 billion compared to the beginning of the year and a decrease of VND13 billion compared to the self-reported report. Short-term items accounted for VND1,566 billion in the Corporation's asset structure. Of which, the company's cash and cash equivalents were more than VND79.6 billion.
Saigonres 's liabilities are over VND1,202 billion, a slight increase compared to VND1,189 billion recorded in the self-made report. Short-term items account for the majority of the company's debt structure with over VND900 billion. Owner's equity is approximately VND891 billion, undistributed profit after tax is VND254 billion.
On the stock exchange, SGR shares fell to their lowest level in the first trading session after the September 2 holiday, down to VND39,100. The trading volume of this stock in the last 10 sessions was over 416,500 units. Market capitalization reached VND2,346 billion.
Source: https://baodautu.vn/saigonres-chuyen-tu-lai-thanh-lo-sau-soat-xet-d224049.html
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