Rice exports increase sharply, Trung An, Loc Troi, Angimex are still struggling in difficulties

Trung An, Loc Troi, Angimex still facing difficulties

Recently, Trung An High-Tech Agriculture Joint Stock Company (Code: TAR) announced its audited semi-annual financial statements for 2024. In which, the auditing company adjusted the loss by an additional 7.5 billion VND compared to the report previously prepared by Trung An.

Specifically, net revenue after audit was recorded at VND3,179.1 billion, down 7% compared to before audit. In return, cost of goods sold was also adjusted down 7% to VND3,087.8 billion. As a result, gross profit was maintained at VND81.4 billion.

Notably, TAR's audited financial revenue has dropped to only VND5.3 billion, equivalent to a 62% adjustment. Due to this adjustment, the company has gone from recording a profit of VND772 million to a loss of VND7.5 billion.

Explaining the profit difference after audit, Trung An High-Tech Agriculture said that it was due to the auditor adjusting the accrued interest of term bank deposits, adjusting the exchange rate difference, and re-evaluating the exchange rate of bank loans with foreign currency origin.

Regarding Loc Troi Group Corporation (Code: LTG), up to now, Loc Troi has not yet announced its Q2/2024 financial statements and semi-annual financial statements for 2024. In the latest announcement, the Company continues to request an extension of the announcement time due to the inability to overcome force majeure events.

The Board of Directors of Loc Troi Group Joint Stock Company has just announced the resignation of Mr. Tieu Phuoc Thanh from the position of member of the Board of Supervisors.

In the application, Mr. Tieu Phuoc Thanh said that for personal reasons, he requested the General Meeting of Shareholders and the Board of Supervisors to approve the application.

Before Mr. Thanh, on July 22, Ms. Nguyen Thi Thuy - Member of Loc Troi's Supervisory Board also submitted her resignation. Thus, Loc Troi's Supervisory Board now only has Head of Board Uday Krishna.

In mid-August, Mr. Johan Boden also submitted a resignation letter from the Board of Directors of Loc Troi Group for personal reasons. Notably, Mr. Johan Boden was recently elected to the Board of Directors of Loc Troi Group for the 2024-2029 term at the 2024 Annual General Meeting of Shareholders held on June 26.

Previously, in mid-July 2024, the Board of Directors of Loc Troi Group decided to dismiss Mr. Nguyen Duy Thuan from the position of General Director. Mr. Huynh Van Thon, Chairman of the Board of Directors, said that he would temporarily manage the group's operations until a new General Director was appointed.

In the first quarter, Loc Troi had a net loss of nearly VND97 billion, an increase compared to the loss of VND81 billion in the same period, and far below the profit target of VND50 billion in 2024.

The most difficult is An Giang Import-Export Joint Stock Company (Angimex Code: AGM). According to the decision issued by the Ho Chi Minh City Stock Exchange, AGM shares of An Giang Import-Export Joint Stock Company will be put under control from September 10, 2024.

Angimex's AGM shares were put under control due to accumulated losses exceeding the actual contributed charter capital in the 2024 audited semi-annual consolidated financial statements, which is a case of controlled securities according to regulations.

Angimex's interim consolidated business performance report for the 6-month financial period ending June 30, 2024 shows that after-tax profit in the first 6 months of this year was negative VND98.3 billion compared to negative VND54.6 billion recorded in the same period in 2023.

As of June 30, 2024, the Group had an accumulated loss of VND 264.2 billion, exceeding its equity by VND 82.2 billion. Current liabilities were VND 931.9 billion higher than current assets. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern.

The Group's ability to continue as a going concern depends on its ability to continue to operate profitably in the future. Therefore, the financial statements for the six-month period ended June 30 have been prepared on the basis that the Group will continue to operate for the next 12 months.

Rice export at the end of the year is favorable, creating opportunities for businesses to do good business.

In the world market, Vietnam's rice export prices are currently rising to their highest level since late August due to the impact of floods.

According to the Vietnam Food Association, Vietnam's 5% broken rice is currently offered at $575-$580 per ton, the highest since late August and up from $567 per ton last week.

Statistics from the General Department of Customs show that as of mid-September, Vietnam had exported nearly 6.5 million tons of rice of all kinds, earning 4.06 billion USD. Photo: Chuc Ly

Statistics from the General Department of Customs show that as of mid-September, Vietnam had exported nearly 6.5 million tons of rice of all kinds, earning 4.06 billion USD. Compared to the same period last year, rice exports increased slightly by 6% in volume but increased sharply by 21%.

The main reason is that this year's rice export price has increased sharply compared to the same period last year. Vietnam's rice import markets are still traditional markets such as the Philippines, Indonesia, Malaysia and China.

Mr. Do Ha Nam - Vice President of the Vietnam Food Association - said that it is not easy to make an assessment of the export price of rice from now until the end of the year. However, the trend of export price decreasing from now until the end of the year is difficult. Mr. Nam said that the amount of rice for export from now until the end of the year is not much. Meanwhile, the Philippines is expected to import about 1 million tons of rice from Vietnam...

Source: https://danviet.vn/xuat-khau-gao-tang-manh-trung-an-loc-troi-angimex-van-con-ngon-ngang-trong-gian-kho-20240923160641051.htm