Vinh Hoan (VHC) requested an extension of the deadline for submitting Q3 financial statements but was not approved by the State Securities Commission.
Vinh Hoan Corporation (Code VHC), a well-known unit in the seafood industry, has requested an extension of the deadline for submitting the Financial Report for the third quarter of 2023. However, recently, the State Securities Commission (SSC) responded, stating that the reason given by Vinh Hoan does not fall under the case of delaying information disclosure due to force majeure.
Vinh Hoan (VHC) business in the first half of 2023 plummeted, was reminded by the State Securities Commission to submit the 3rd Quarter Financial Statement as prescribed (Photo TL)
Therefore, the State Securities Commission has requested Vinh Hoan to disclose the financial statements for the third quarter of 2023 in accordance with regulations. In addition to Vinh Hoan, at the end of October, the Ho Chi Minh City Stock Exchange (HoSE) also reminded a number of other enterprises that were late in submitting their financial statements, including: Dong A Plastics Group Corporation (DAG), Sao Thai Duong Investment Corporation (SJF)...
In particular, Vinh Hoan has issued a written explanation. Vinh Hoan said that the company and its subsidiaries had to receive the inspection team of the US Department of Commerce from October 19, 2023 to October 27, 2023 for the 19th administrative inspection, so they could not prepare the Q3/2023 financial statements in time.
Profits plummet in the first half of 2023 due to export market decline
In addition to being reminded by the State Securities Commission about submitting the Q3 financial statements, Vinh Hoan's business activities in the first half of 2023 are also of interest to many investors.
In the first 6 months of 2023, Vinh Hoan achieved accumulated revenue of VND 4,945.3 billion, down 34% over the same period last year. Gross profit was VND 964.4 billion, down 48%. Gross profit margin decreased from 25% to only 19.5%.
Although revenue and gross profit decreased sharply, financial expenses still accounted for a large amount of VND139.9 billion. Of which, interest expenses did not decrease but doubled, from VND39.1 billion to VND79.8 billion. Sales expenses and business management expenses accounted for VND96.7 billion and VND137.5 billion, respectively.
The company's after-tax profit after deducting all expenses was VND682.4 billion, down half compared to the same period in 2022.
Explaining the decline in business results in the first half of 2023, Vinh Hoan said the reason was due to a decrease in sales volume and export markets in many countries showing signs of decline.
In contrast to the declining business results in the first half of 2023, VHC shares had an impressive price increase from the bottom of VND 53,400/share at the end of March to the peak of VND 83,800/share in mid-September. Equivalent to an increase of 56.9% in just under 6 months.
However, in recent trading sessions, seafood stocks have continuously hit the floor. Recorded in the trading session on November 7, 2023, VHC code was only traded at VND 68,900/share, down 17.8% from the peak in mid-September.
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