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VNG (VNZ) suffered losses exceeding plan in Q3, debt increased 16.4 times

Công LuậnCông Luận01/11/2023


VNG (code VNZ) lost more than planned in the third quarter of 2023

VNG Corporation (code VNZ) recorded revenue of VND2,332.9 billion in the third quarter, up 11.1% year-on-year. Gross profit was VND997.6 billion, up 3.7%. Gross profit margin decreased from 44.9% to 41.9%.

During the period, financial revenue increased to VND28.2 billion, an increase of 21.9%. However, financial expenses also increased to VND52.5 billion while in the same period only recorded at nearly VND700 million. This has put great pressure on the company's revenue. Most of the financial expenses were recorded from interest expenses, accounting for VND29.4 billion.

VNG lost money beyond plan in quarter 3, short-term loans increased 164 times picture 1

The third quarter loss caused VNG's (code VNZ) accumulated loss for the first 9 months of the year to exceed the set plan (Photo TL)

VNZ's selling expenses in the third quarter were VND718.3 billion, up slightly from VND714.8 billion in the same period last year. Administrative expenses were VND334.9 billion, down 11.9% year-on-year. In addition, VNZ also recorded a loss of VND29.4 billion from business operations at affiliated companies.

VNZ's after-tax profit in the third quarter recorded a loss of VND117 billion, down from the loss of VND141.5 billion in the same period.

VNG's accumulated revenue in the first 9 months of the year recorded VND6,431.3 billion, up 11.6% over the same period. The company lost VND465.1 billion after tax while in the same period it lost VND768 billion. The parent company's after-tax profit was negative VND310.6 billion.

Compared with the 2023 business plan with revenue of VND 9,281 billion, after-tax profit of parent company shareholders of negative VND 378 billion, the company has only completed 69.2% of the revenue plan and has... lost 82.2% of the plan.

Short-term debt increased 16.4 times

By the end of the third quarter of 2023, VNZ's total assets reached VND9,756.3 billion, up 9.6%. Cash and cash equivalents increased by more than VND1,000 billion, to VND3,665.7 billion. However, short-term deposits decreased from VND445.5 billion to only VND108.7 billion.

Short-term receivables are currently accounting for VND 1,222.3 billion. Of which, short-term receivables from customers tend to increase to VND 693.7 billion. Inventories only account for VND 75.9 billion.

In VNG's capital structure, payables account for VND5,097 billion, equivalent to 52.2% of total capital. Notably, the company's short-term loans have tended to increase sharply in the first 9 months of the year. The short-term debt ratio increased from VND44.4 billion to VND729.5 billion, an increase of 16.4 times.

Long-term debt also increased by nearly one and a half times, from VND999.2 billion to VND1,309.8 billion. The increase mainly came from long-term loans, increasing from VND399.6 billion to VND619.5 billion, equivalent to an increase of 55%.

VNG's equity decreased from VND5,114.6 billion to only VND4,659.3 billion. The company has a negative equity surplus of VND409.8 billion. Meanwhile, undistributed profit after tax accounted for VND4,684.1 billion, a slight decrease compared to the beginning of the year.



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