Truong Thanh Wood was once known as the "king of wood" and was a leading enterprise in the field of exporting wood products, but its poor business situation and sluggish stock price made investors increasingly disappointed.
Truong Thanh Wood's consolidated financial report for the second quarter of 2024 recorded net revenue in the quarter reaching VND372.94 billion, a slight decrease compared to the same period last year. However, after deducting expenses, the company had a net loss of VND3.99 billion, while the previous quarter's net profit was more than VND11.5 billion.
Truong Thanh Wood explained that the loss in the second quarter of 2024 was lower than the loss in the same period last year (a loss of up to VND 41.58 billion), due to the company's improved control of production costs and the reversal of bad debt provisions of the group. In addition, the company's financial revenue increased from exchange rate differences.
Truong Thanh is a leading enterprise in the field of exporting wooden products.
In the first 6 months of the year, Truong Thanh Wood achieved net revenue of 696 billion VND, after-tax profit of more than 7.5 billion VND due to stable production and business activities, continuing to overcome previous difficulties. This profit figure is positive compared to the loss of nearly 40 billion VND in the same period last year. However, TTF shares have continued to plummet in recent months.
As of the end of the morning trading session on August 1, TTF stock price continued to decrease by 0.81% to VND3,680 and decreased by about 26% from this year's peak of more than VND5,000.
Many investors said that they have held TTF shares since the peak of the VN-Index of more than 1,500 points until now, and are now losing nearly 80%. At that time, TTF shares hit a multi-year peak of more than VND17,000, attracting a series of investors to participate with the expectation that the price could continue to increase to VND20,000, even some securities companies predicted up to VND30,000.
Currently, TTF stock price is only less than 4,000 VND, less than a glass of iced tea, and is also under the warning of the Ho Chi Minh City Stock Exchange. Investors are impatient, "it's a pity to cut losses, but if you hold on, you don't know where the bottom is"...
In the report explaining the measures and roadmap to overcome the situation of securities being put on warning list in the second quarter of 2024, Truong Thanh Wood's leadership said that in the difficult market context, the company has made efforts to maintain relationships with partners and customers both domestically and internationally, ensuring that it is not dependent on any specific market.
Falling stock prices have disappointed investors. Source: Fireant
"Despite the fact that international markets increasingly set strict standards and regulations on product quality and origin, all of the company's exported products to markets meet these standards; expanding export markets. This year, the company will continue to implement measures and roadmaps to overcome the situation of securities being warned" - Truong Thanh Wood's explanation stated.
Currently, the company has handled the backlog related to tax debts from 2012 to 2022, which hindered the tax refund process and the enjoyment of other legitimate benefits for a long time. Up to now, the company's VAT refund process has returned to normal, helping to significantly improve cash flow for production and business activities, and reduce inventories.
According to Truong Thanh Wood, production and business activities in the coming time will achieve positive results, gradually reducing and eliminating accumulated losses, overcoming the causes leading to the situation of securities being put on warning status.
Source: https://nld.com.vn/vua-go-mot-thoi-gia-co-phieu-thua-ly-tra-da-truong-thanh-khac-phuc-ra-sao-196240801124459387.htm
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