Viglacera (VGC) wants to spend more than 300 billion to contribute capital to establish a subsidiary

Viglacera Corporation - JSC (Code: VGC) has just approved the project to establish Viglacera Phu Tho JSC with a charter capital of 600 billion VND. It is expected that VGC will contribute a minimum capital of 306 billion VND, equivalent to 51% of the charter capital.

On the 2024 semi-annual financial statements, VGC currently owns 21 direct subsidiaries and 6 indirect subsidiaries. If the newly established Viglacera Phu Tho is included, VGC will have a total of 22 directly owned subsidiaries.

Viglacera (VGC) contributes capital to establish a new subsidiary (Photo TL)

Regarding business activities, Viglacera recorded net revenue in the second quarter of 2024 of VND 2,712 billion, down 31% year-on-year. High cost of goods sold caused the company's gross profit to decrease by 46%, to only VND 654 billion. Gross profit margin decreased from 31% to 24.1%. After deducting all expenses and taxes, Viglacera's after-tax profit reached VND 171 billion, down 73% year-on-year.

Cumulative revenue in the first 6 months of the year reached VND 5,351 billion, profit after tax reached VND 408 billion. Compared to the same period, revenue and profit in the first half of 2024 decreased by 20% and 47%.

According to Viglacera's explanation, the decrease in profit was due to a decrease in revenue from leasing industrial park infrastructure compared to the same period last year. In addition, the glass product group is still facing difficulties in sales, causing a decrease in revenue.

Source: https://www.congluan.vn/viglacera-vgc-muon-chi-hon-300-ty-dong-gop-von-thanh-lap-cong-ty-con-post316354.html