On May 30, the Government Office issued an official dispatch stating that the Prime Minister requested Minister of Construction Nguyen Thanh Nghi to directly work with Mr. Bui Thanh Nhon, Chairman of No Va - Novaland Real Estate Investment Group Joint Stock Company (NVL) on the urgent request to remove obstacles at projects in Dong Nai province, and report back on this matter.
The directive was issued after the Prime Minister received a dispatch from the Petition Committee of the National Assembly Standing Committee transferring a petition from Novaland Group (April 25) requesting urgent removal of obstacles in projects in Dong Nai province.
Previously, in early May, the People's Committee of Dong Nai province also made a proposal to the Prime Minister to remove difficulties for projects, including Novaland's project, specifically the Aqua City urban area project (305 hectares).
At the online conference to resolve difficulties in the real estate market in mid-February, Mr. Bui Thanh Nhon directly proposed to the Prime Minister about the Auqa City project to be a pilot project for the Prime Minister's Working Group and the locality to resolve difficulties within a period of one month.
In April, Deputy Prime Minister Tran Hong Ha assigned the Ministry of Construction and the Ministry of Natural Resources and Environment to set up a working group to resolve problems with Novaland's projects in Dong Nai and Binh Thuan.
Recently, Novaland announced the restart of projects such as: NovaWorld Phan Thiet (Binh Thuan), NovaWorld Ho Tram (Ba Ria - Vung Tau), Victoria Village Complex Residential Area (Thu Duc City, Ho Chi Minh City), The Grand Manhattan (District 1, Ho Chi Minh City).
NVL shares have recently been moving sideways around VND13,000/share, about 85% lower than the peak price in August 2022.
During the period from May 19 to May 23, the second largest shareholder of No Va Real Estate Investment Group Corporation - Novaland, Diamond Properties Corporation, had 92,802 NVL shares sold for mortgage. Previously, Diamond Properties had proactively registered to sell 18 million NVL shares from May 8 to June 8.
NovaGroup also continues to want to divest 69.6 million NVL shares between May 10 and June 8 after having just sold 12 million NVL shares.
In the first quarter of 2023, Novaland recorded a negative consolidated profit after tax of VND 410 billion; total consolidated revenue of more than VND 604 billion, down 69% over the same period in 2022. Of which, revenue from sales reached nearly VND 453 billion, recorded from handovers at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, Saigon Royal and Soho Residence; revenue from providing services reached more than VND 151 billion.
Novaland's indicators and business activities in the first quarter were somewhat less positive than the same period last year when gross profit margin only reached about 25% and net profit was negative.
As of March 31, 2023, Novaland's total assets reached more than VND 256,194 billion, down 1% compared to the end of 2022. Of which, inventories recorded nearly VND 136,905 billion and 91% of total inventories (equivalent to more than VND 125,107 billion) were the value of land funds and projects under construction, the rest were completed real estate (RE) and real estate goods, completed real estate waiting to be handed over to customers.
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