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Novaland reports first profit in 2023

The Saigon Times

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HCMC – No Va Land Investment Group Corporation (Novaland), which trades its NVL shares on the Hochiminh Stock Exchange, has reported profit for the first time this year.

Its third-quarter net profit reached VND137 billion, up by a significant 42% against the same period last year, according to its consolidated earnings report released on October 30. However, this has helped cut the company’s accumulated losses for the year to below VND1 trillion.

The data showed its revenue of nearly VND1.1 trillion, a steep decrease of 67% versus the same period last year, with gross profit settled at VND342 billion.

The firm’s revenue from financial investments in July-September surged from nearly VND1.6 trillion to VND2.2 trillion. On the other hand, its financial costs also jumped by over 34% to VND1.9 trillion.

From January to September, the housing developer posted net losses of VND958 billion. Its revenue in this period plunged 65% year-on-year to over VND2.7 trillion.

As of September 30, Novaland’s total assets had edged down by 3.3% compared to the start of the year to VND249.3 trillion, including inventories worth around VND137.6 trillion, short-term receivables of VND56.5 trillion, long-term receivables of VND34.7 trillion, and VND3.4 trillion in cash and cash equivalent.

Its liabilities now stand at over VND205.4 trillion.

NVL stayed at its reference price of VND13,300 per share at the close today, October 30. With a matching volume of 19.8 million shares, NVL was the third most actively traded stock on the market.

The Hochiminh Stock Exchange (HOSE) ended down on Monday, with the VN-Index falling by 18.22 points, or 1.72%, at 1,042.4 points. Losers outnumbered winners on the bourse by a ratio of 393 to 111.

The total trading volume surpassed 533.3 million shares worth VND10.1 trillion, down by 55% in volume and 56% in value over the previous session. Block deals contributed VND1.3 trillion to the overall value, with 67.5 million shares changing hands.

In the VN30 basket, only four bluechips – VCB, VRE, BCM, and MSN – advanced, with slight gains ranging from 0.4% to 1.1%.

The VN30-Index shed 19.94 points, or 1.87%, to close at 1,047.67 points. GVR, SSI, STB, and TCB were the biggest decliners, dropping 4.9% to 6.7%.

STB took the lead by liquidity on the southern market with a trading volume of 21.2 million shares.

On the Hanoi Stock Exchange, the HNX-Index lost 6.7 points, or 3.07%, to close the session at 211.34 points, with 54 stocks rising and 122 others dipping.

There were over 65.4 million shares worth VND1.2 trillion transacted on the Hanoi bourse.

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