26.2 C
Ho Chi Minh City
Friday, July 19, 2024

LDG to give 12.8 million shares to employees

The Saigon Times

Must read

HCMC – LDG Investment JSC (HOSE: LDG) plans to issue more than 12.8 million shares through an employee stock ownership plan (ESOP) to be handed free to employees.

This move, scheduled from the fourth quarter of 2023 to the first quarter of next year, aims to reward employees without requiring financial contributions.

LDG plans to finance the ESOP initiative using its undistributed after-tax profits, necessitating a transfer of VND128.1 billion from post-tax undistributed profits to charter capital.

The company’s financial situation presents a stark picture, marked by an astonishing 97% drop in profit since 2022, plummeting from VND140.65 billion to a mere VND4.24 billion.

As the company enters 2023, its business performance continues to decline, culminating in losses.

LDG’s third-quarter business results showed a 96.2% year-on-year decline in gross revenue from sales and services, amounting to a meager VND290 million.

Despite gloomy business, LDG faced a sharp surge in financial costs, contributing to a substantial loss of VND65 billion in the quarter. Its earnings report cites a significant reduction in financial revenue, down 99.9%, and a 41.6% increase in financial expenses compared to the same period last year.

From January to September, LDG reported a 99.1% reduction in revenue, obtaining a mere VND2 billion.

Closing the trading session today, November 17, LDG still rose 2.57% to VND3,990 per share, with a matching volume of 5.8 million shares.

With 118 winners and 437 losers, the VN-Index of the Hochiminh Stock Exchange plunged by 24.34 points, or 2.16%, to 1,101.19 points.

The total transaction volume spiked to almost 1.26 billion shares, valued at VND24.3 trillion, surging by 82.6% in volume and 64.65% in value compared to the previous session.

All bluechips in the VN30 basket declined, sending the VN30-Index down by 29.07 points from the previous session to 1,103.53 points.

VIC was the biggest decliner as it fell 6.4% to VND42,200 per share, contributing 2,6 negative points to the main index.

Meanwhile, VCB was the main drag on the market. With a loss of 2.7%, VCB took away nearly 3.3 points from the VN-Index.

VIX took the lead by liquidity with a matching volume of 61.2 million shares, followed far behind by HPG, which reported a trading volume of 38.5 million shares.

The HNX-Index declined by 3.02 points, or down 1.32% day-on-day, closing at 226.54 points, with 51 stocks advancing and 106 others dipping.

There were 147.4 million shares worth over VND2.8 trillion changing hands on the northern market.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles