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Tuesday, July 16, 2024

Novaland’s losses surge in H1: Report

The Saigon Times

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HCMC – No Va Land Investment Group Corporation’s (Novaland, HOSE: NVL) net losses have risen VND482 billion to exceed VND1 trillion, according to its reviewed consolidated semi-annual earning report.

The report showed stable metrics in gross revenue and financial income, which remained consistent after the review.

However, there was a 16% increase in the cost of goods sold, leading to a 23% decrease in gross profit to VND477 billion. Additionally, the report indicated a loss of VND6 billion, diverging from its self-made financial statements that recorded a profit of VND296 billion.

These two changes have brought Novaland’s net losses for the first half of 2023 to over VND1 trillion, or VND482 billion higher compared to its self-made financial reports.

This difference between the reviewed and self-made reports is attributed to provisions and income adjustments made at the request of the auditors.

NVL shares continued to lead the market in terms of trading volume today, August 30, with around 67.9 million shares changing hands, yet finished the day down 1.47% to VND20,050 per share.

The number of winners doubled that of losers on the southern bourse, at 320 to 167. The VN-Index edged up 8.73 points, up 0.72% compared to Tuesday’s close, at 1,213.16 points.

The total trading volume and value declined by 7.96% and 4.94%, respectively, compared to the previous session, with 912 million shares worth VND20.9 trillion. There were more than 47.4 million shares transacted through block deals, contributing VND258.4 billion to the overall value.

Securities stocks demonstrated strong growth today, all of which saw increases of at least 3%.

Bank stocks continued to be key drivers, especially CTG, VCB, and BID. CTG contributed more than one positive point to the main index with a 2.7% gain, while VCB and BID respectively contributed a combined 1.4 positive points, rising 0.79% and 0.87%, respectively.

All bank stocks jumped more than 2%, except for VPB and SSB with marginal decreases of less than 1% and SHB staying at its reference price of VND12,250 per share.

The Hanoi Stock Exchange saw 90 advancers and 84 decliners. The HNX-Index added 1.48 points, or 0.6%, to 247.96 points.

Trading volume exceeded 95.31 million units on the northern market, with value totaling VND1.8 trillion.

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