The real estate sector faced a challenging start in 2023, with many listed companies reporting steep declines in profit. However, a glimmer of hope shines for the second half of the year as investor confidence begins to rekindle. Mixed results Second-quarter earnings reports from most listed real estate companies have been unveiled, painting a relatively lackluster picture for the sector. This sentiment holds especially true for residential players, who grapple with dwindling profits. An intriguing contender in the spotlight is No Va Land Investment Group Corporation (Novaland, ticker: NVL). Despite an impressive 72% surge in consolidated revenue during Q2 2023, exceeding VND1 trillion, Novaland wrestles with debt amassed from excessive financial leveraging in prior periods. This has led to an 80% plummet in its stock price. Although the company’s performance improved from April to June, it still reported a loss of VND201 billion, propelling its accumulated losses for H1 2023 close to VND600 billion. Novaland remains committed to ongoing restructuring endeavors and is resolute in fulfilling commitments to buyers across several projects. These include Saigon Royal Residence, Grand Manhattan, Palm City, Aqua City, Aqua Riverside City, Aqua Waterfront City, NovaWorld Phan Thiet, and NovaWorld Ho Tram. The housing developer anticipates […]
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