Tan Tao (ITA) shares lost 37% of their value and were only traded in the afternoon session.

Tan Tao ITA slow start in Q1

Tan Tao Investment and Industry Corporation (Code: ITA) is one of the famous units operating in the field of industrial park land leasing, associated with the name of Chairwoman Dang Thi Hoang Yen. In the Consolidated Financial Statement of the first quarter of 2024, this businesswoman even received 0 VND for holding the position of Chairwoman of Tan Tao's Board of Directors.

Compared to the same period in 2023, Tan Tao's business results have grown slightly. The company achieved revenue of 71.4 billion VND, an increase of 16% over the previous year. Gross profit was 36.4 billion VND, equivalent to a gross profit margin of nearly 51%.

Tan Tao (ITA) shares have lost 37% of their value since the beginning of the year, and have just been restricted to afternoon trading only (Photo TL)

Both financial revenue and financial expenses during the period were insignificant, only around 300 million VND. Low sales expenses accounted for only 63 million VND, and business management expenses accounted for 15.9 billion VND.

After deducting all expenses and taxes, Tan Tao had 20.2 billion VND in profit left, up 33% over the same period.

In fact, this business result shows Tan Tao's slow start in 2024. Because the company set a revenue target of 530 billion VND for the year, and a profit after tax of 178 billion VND. Thus, compared to this plan, Tan Tao has only completed 13.5% of the revenue target and 11.3% of the annual profit plan.

ITA shares are only traded in the afternoon session from July 16.

Continuous difficulties in business operations have significantly affected ITA's stock price. On December 11, 2023, ITA code was recorded at VND 7,150/share. However, at the end of the trading session on July 10, 2024, ITA was only VND 4,490/share, equivalent to a decrease of 37% in just the first few months of the year.

Not only losing value, Ho Chi Minh City Stock Exchange has also recently decided to put ITA shares under restricted trading from July 16, 2024.

According to this decision, ITA shares will only be traded in the afternoon session of the trading day by centralized order matching and negotiation. The reason given is that ITA has delayed submitting its 2023 audited financial statements by more than 45 days compared to the prescribed time.

Regarding this issue, on June 24, 2024, ITA also sent a response letter to the State Securities Commission and HoSE to explain the force majeure reasons leading to the delay in submitting the audited financial statements. However, Tan Tao did not provide specific documents or evidence. Therefore, HoSE issued a notice to put ITA on warning status.

Source: https://www.congluan.vn/mat-gia-37-tu-dau-nam-co-phieu-ita-lai-bi-han-che-chi-duoc-giao-dich-phien-chieu-post302976.html