Tan Tao (ITA) suspended from trading due to repeated delays in information disclosure
Recently, the Ho Chi Minh City Stock Exchange (HoSE) has moved ITA shares of Tan Tao Investment and Industry Corporation from restricted trading to suspended trading. The reason is that the listed organization has repeatedly violated regulations on information disclosure.
Previously, HoSE has repeatedly reminded Tan Tao ITA about the delay in announcing the Audited Financial Statements for 2023 and the first half of 2024.
Tan Tao (ITA) of chairwoman Dang Thi Hoang Yen has lost nearly half its value since the beginning of the year, and its shares have just been suspended from trading (Photo TL)
The announcement of the audited financial statements for 2023 and the reviewed semi-annual financial statements for 2024 has become a difficult problem for Tan Tao ITA. The company has sought out many auditing units but none have agreed to audit the unit.
Also on August 27, 2024, Tan Tao announced information requesting the State Securities Commission and the Ho Chi Minh City Stock Exchange to allow the company to temporarily postpone the disclosure of information on the 2023 audited financial statements, 2023 annual report and 2024 semi-annual reviewed financial statements. However, ITA shares were later transferred to the trading suspension status.
Stock price down 50%, how is ITA doing?
Since the beginning of 2024, ITA shares have continuously lost value due to unfavorable information. At the beginning of the year, ITA recorded a price of VND 6,510/share. However, at the trading session on September 17, 2024, ITA shares only recorded VND 3,240/share, equivalent to a loss of more than 50%.
Regarding business activities, Tan Tao, chairwoman Dang Thi Hoang Yen, recorded an increase in profits in the first 6 months of the year mainly due to negative financial costs.
Of which, net revenue in the second quarter reached VND70.9 billion, down 12.9%. Profit after tax reached VND44 billion, up 84.4%. However, gross profit decreased by 25.4% compared to the same period, leading to a decrease in gross profit margin from 501% to only 42.9%.
The increased profit did not come from core business activities but from negative financial expenses of VND20.9 billion. In addition, business management expenses also decreased sharply, to nearly VND3 billion.
ITA's accumulated revenue in the first 6 months of the year recorded net revenue of VND 142.2 billion. Profit after tax increased by 64.6%, reaching VND 64.2 billion. Compared to the 2024 business plan, with a target revenue of VND 530 billion and profit after tax of VND 178 billion, Tan Tao has only completed 26.8% of the revenue target and 36.1% of the annual profit plan.
Source: https://www.congluan.vn/tan-tao-ita-cua-ba-dang-thi-hoang-yen-bi-dinh-chi-giao-dich-co-phieu-post312695.html
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