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Saturday, October 8, 2022

Enterprises see huge losses after audit

By Van Phong

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HCMC – Enterprises’ audited financial statements showed that profit in the first half of the year translated into a loss, leaving them unable to trade on margin.

The Thaiholdings Joint Stock Company (Thaiholdings) saw its after-tax profit in the audited semi-annual financial statement stand at VND217.1 billion, down by VND180 billion against its income statements.

The company’s revenue from operations in the period was VND233 billion, dropping VND93.9 billion versus the figures recorded in its financial statements before an audit.

This was due to the difference in auditors’ opinion when Thaiholdings divested from its subsidiary, a leader of Thaiholdings explained.

Apart from that, the section, “other profit”, recorded a loss of VND1.94 billion in the financial statements before the audit; however, it turned out to be a loss of VND22.9 billion in the audited financial statement.

The VND21 billion difference was due to the company’s subsidiary recording fines for late corporate income tax payments from the previous periods, he added.

Saigon – Hanoi Securities JSC recorded a profit of VND39 billion in its income statement, while its semi-annual audited financial statement pointed out the company operated at a loss of VND86.5 billion.

The Hanoi Stock Exchange delisted stocks of Saigon – Hanoi Securities JSC and suspended it from margin trading from August 23 due to the profit-to-loss shift.

Marine Supply and Engineering Service JSC (MAC) also revised its profit from positive VND130 million to negative VND4.4 billion in its audited profit-and-loss statement. The adjustment was a result of a 25-fold increase in appropriation for investment loss provisions.

Besides, MAC’s Enterprise Cost Management rose to VND3 billion due to higher wages and provisions for bad debt.

The company had incurred a loss of over VND30 billion in the year to the end of June. If the situation persists, the company can face bankruptcy, according to an auditing firm.

VKC Holdings Join Stock Company recorded its loss after tax at VND191 billion, a surge of VND166 billion at a loss.

The upsurge in the loss was attributed to major adjustments in the cost management and other cost sections. Of these, business cost management soared to VND69 billion, standing at VND82.5 billion mainly due to setting aside provisions for short-term doubtful receivables worth VND65 billion.

Meanwhile, other costs skyrocketed by VND102 billion compared to the company’s independent income statements.

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