Tasco (HUT) Q2 revenue increased by 43% but semi-annual profit still decreased by 90%
According to the financial report for the second quarter of 2023, the BOT "boss" - Tasco (HUT) recorded net revenue of VND 315 billion, up 43% over the same period last year. In particular, revenue mainly comes from BOT toll collection activities and non-stop toll collection services.
Cost of goods sold accounted for 193 billion VND, gross profit from sales and service provision reached 122 billion VND. Gross profit margin decreased from 48.4% to only 38.7%.
Tasco's financial revenue increased slightly from VND29.4 billion to VND34 billion. Financial expenses, mainly interest expenses, also increased from VND78.7 billion to VND81.8 billion.
Tasco's (HUT) after-tax profit dropped 90% in the first 6 months of the year (Photo TL)
During the period, both selling expenses and administrative expenses increased in line with the scale of revenue. Of which, selling expenses accounted for VND4.5 billion, administrative expenses accounted for VND50.1 billion. Tasco's after-tax profit in the second quarter reached VND9.8 billion, down 29.5% over the same period.
By the end of the second quarter, Tasco's total accumulated revenue reached VND610 billion, an increase of 32.7% compared to the first half of 2022. However, high cost of goods sold and management costs caused Tasco's accumulated profit after tax to only VND10.7 billion, down 90% compared to the same period.
Debt overwhelms equity, more than 360.5 billion bonds "evaporate" from the financial statements of the first 6 months of the year even though profits and losses have not been determined
Tasco's asset structure recorded total assets at VND11,664.8 billion, a slight increase compared to the beginning of the year. Of which, cash and cash equivalents accounted for VND1,044.2 billion, an increase of nearly VND100 billion compared to the beginning of the period.
Although the amount of cash increased, the structure of short-term financial investments changed. The amount of bank deposits increased from VND190.2 billion to VND283.7 billion, equivalent to an increase of 49.2%. Meanwhile, the investment in trading securities at the beginning of the year recorded VND360.5 billion and was no longer recorded.
These are 3 corporate bond investments recorded at the end of 2022 with values of VND 105.9 billion, VND 153.4 billion and VND 101.1 billion respectively. It is worth noting that at the end of 2022, Tasco did not record the fair value of this investment, so it is difficult to determine the profit and loss status of this VND 360.5 billion bond investment.
In addition, short-term receivables account for VND1,428.9 billion. The company is also recording up to VND145.6 billion in bad short-term debt.
Regarding capital structure, Tasco currently has 1,290.5 billion VND in short-term debt. Compared to the beginning of the year, the amount of short-term debt has increased by nearly 150 billion VND. In addition, the company is borrowing an additional 4,341.9 billion VND in long-term debt. Tasco's total debt is currently 5,632.4 billion VND, not including other payables.
At the end of the second quarter, Tasco's equity reached VND3,884.1 billion, not much different from the beginning of the year. However, it can be seen that equity is much lower than Tasco's debt.
The large amount of debt is also reflected in the interest expense that Tasco has to pay, which is up to 81.8 billion VND in the second quarter alone and up to 155.6 billion VND in the first 6 months of the year. Thus, each day Tasco pays interest, it has reached nearly 900 million VND.
Profits plummeted, Tasco still poured 550 billion VND into Tasco Land
In the first quarter of 2022, Tasco only recorded a profit of nearly 1 billion VND. Although the profit in the second quarter has recovered, it only reached 9.8 billion VND, not enough to save the first quarter. However, Tasco still decided to increase the charter capital for Tasco Land from 200 to 750 billion VND. This means that Tasco will pour an additional 550 billion VND into Tasco Land.
Tasco Land is a subsidiary of Tasco, newly established in March 2022 with the orientation to manage and develop a chain of 5-star hotels and resorts.
In October 2022, Tasco also invested 100 billion VND in Tasco Land and increased the charter capital of this unit to 200 billion VND. Tasco Land is also the investor of NVT Holdings Company Limited, which owns 94.2% of the charter capital, equivalent to 85 million shares of Ninh Van Bay Real Estate Tourism JSC (NVT).
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