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Binh Minh Plastics JSC fined over VND8.6 billion for tax violations

The Saigon Times

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HCMC — Binh Minh Plastics JSC is obliged to pay around VND8.66 billion in fines and back taxes for tax violations, according to the General Department of Taxation.

The company has incorrectly declared taxes, leading to underpayment, and was fined VND1.33 billion. It must also pay VND6.06 billion in back taxes for 2020 to 2022 and late fees of VND1.27 billion.

In the first half of 2023, the plastic manufacturer reported a 3.9% year-on-year drop in revenue to nearly VND2.8 trillion, but a 111% surge in post-tax profit to VND575.4 billion.

It attributed the sharp increase in profit to an improved gross profit margin, from 24.4% to 40.3%.

This year, the firm looks to obtain revenue of VND6,357 billion and after-tax profit of VND651 billion, a 9% rise in revenue but a 6% fall in profit compared to 2022.

The company had reached 88.4% of its profit target for the year as of June 30, 2023.

Its BMP shares inched down 3.84% today, September 25, to VND85,100 per share, with a matching volume of 252,600 shares.

On the southern bourse, losers far outnumbered winners by 495 to 45, with 115 stocks plummeting to their floor prices. As a result, the VN-Index of the Hochiminh Stock Exchange lost 39.85 points, or 3.34%, from the previous session, to close at 1,153.2 points.

Trading volume on the southern exchange edged down by 22.3% versus the previous session to 1.08 billion shares and value dropped by 27.7% to around VND23.4 trillion. Block deals contributed over VND1.7 trillion to the overall value, with 88.9 million shares changing hands.

In the VN30 basket, only SSB, VJC and VNM rose. With 26 decliners, the VN30-Index plummeted by 37.75 points to 1,159.94 points.

VIC, GVR, SSI and SHB closed at their floor prices, while MSN and VIB lost 5-6%.

The three most actively traded stocks on the southern market – SSI, VND and VIX – ended the day at their lower limits, with a respective matching volume of over 42.9 million shares, 38.9 million shares, and 38.7 million shares.

The Hanoi Stock Exchange (HNX) reported a steep fall as well, with the HNX-Index slipping 11.64 points, or 4.79%, to 231.5 points.

There were more than 130.4 million shares valued at nearly VND2.4 trillion changing hands on the northern bourse. The number of decliners tripled that of advancers by a ratio of 169 to 46.

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