Loc Troi Group continues to request to postpone the announcement of financial reports
Loc Troi Group has asked for a second time to postpone the announcement of its financial report because "all staff must focus on handling immediate financial issues".
In a document sent to the State Securities Commission and the Hanoi Stock Exchange (HNX), Loc Troi Group Joint Stock Company (stock code: LTG) requested to postpone the announcement of the second quarter financial report and extend the announcement of the semi-annual audited financial report for 2024.
Previously, Loc Troi requested to postpone the announcement of the second quarter financial report of this year until August 30 due to force majeure. According to regulations, by July 31, enterprises registered on the stock exchange must submit the second quarter financial report.
Loc Troi Group said that due to not being able to overcome force majeure events, the company needs to increase the stability of capital flow for production and business activities, focus on handling immediate financial issues, leading to not being able to publish financial reports on time.
This year's annual general meeting of shareholders of Loc Troi was also held later than previous years. After the meeting, the company encountered some personnel changes, changing some key personnel. This led to the company completing the signing of the audit and review contract for 2024 on August 19.
In mid-July, Loc Troi announced the dismissal of Mr. Nguyen Duy Thuan from the position of General Director. Mr. Huynh Van Thon - Chairman of the Board of Directors of Loc Troi will temporarily manage the company's operations until a new General Director is appointed.
On July 22, Ms. Nguyen Thi Thuy - Member of Loc Troi's Board of Supervisors submitted a resignation letter. One month later, the company received a resignation letter from a member of the Board of Directors, Mr. Johan Sven Richard Boden. In the resignation letter, Mr. Johan Boden stated that due to personal reasons, he would like to resign from the position of member of the Company's Board of Directors from August 23.
Mr. Johan Boden was elected to the Board of Directors of Loc Troi at the annual general meeting of shareholders held 2 months earlier.
On the other hand, on July 24, Mr. Nguyen My was elected Deputy General Director of Loc Troi Group. In addition, Mr. My is currently Chairman of the Board of Directors of An Giang Plant Protection Company Limited.
LTG shares are currently trading at VND16,500, up 15% from the more than 4-year low recorded in the August 5 session (VND14,300) and down 37% from VND26,200 at the beginning of the year. With about 101 million shares in circulation, the market capitalization is over VND1,662 billion.
In the first quarter of 2024, Loc Troi recorded a 56.9% increase in net revenue over the same period, reaching VND 3,848 billion. After deducting expenses, the company reported a pre-tax loss of VND 86.4 billion and a post-tax loss of VND 96.3 billion, while in the same period, it lost VND 77.1 billion and VND 81.2 billion, respectively.
This year, the company plans to have a profit after tax of VND50 billion, a significant decrease compared to the VND265 billion achieved in the same period. The company plans to pay stock dividends in 2024 and 2025 at a rate of 30% of the profit after tax of the same year. After the first 3 months of the year, Loc Troi's business results are still quite far from the set target.
The company's management said it plans to raise long-term capital to build a 10,000-ton/day rice mill project in Long An. By 2028, Loc Troi aims to increase its total finished rice production capacity to 15,000 tons/day. In addition, the company will invest in exploiting rice by-products, especially straw and husks, to replace fossil fuels. Loc Troi will also invest in emission-reducing farming processes to create carbon certificates that can be commercialized in the international market.
As of the end of March, the company's total assets increased slightly compared to the beginning of the year, to VND11,912 billion. Liabilities were over VND8,938 billion, most of which were short-term debts. Owner's equity was approximately VND2,974 billion, and undistributed profit after tax was over VND914 billion.
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