According to the Q3/2024 financial report, Hanoi Alcohol and Beverage Joint Stock Company - Halico (Code: HNR), the owner of the Hanoi Vodka brand, recorded revenue of 22 billion VND, unchanged compared to the same period last year. However, rapidly increasing cost of goods sold resulted in a gross loss of 5.3 billion VND. This means that HNR is losing money with every sale.
Halico (HNR), the owner of the Hanoi Vodka brand, incurred an additional loss of 7.4 billion VND in the first nine months of 2024. Including this year, HNR has entered its eighth consecutive year of losses. (Photo: Provided)
In addition, the company still had to pay other expenses along with interest, resulting in a net loss of VND 4.9 billion for HNR, three times higher than the loss in Q3/2023.
For the first nine months of the year, HNR achieved revenue of 80 billion VND, an increase of 12%. However, the company still incurred a net loss of 7.4 billion VND. If the situation does not improve by the end of the year, HNR will extend its losing streak to its eighth consecutive year, since 2017.
Compared to the targets set at the beginning of the year, HNR's revenue only reached 71% of the plan. At the same time, the loss of 7.4 billion VND remains "within the planned loss" as previously projected.
On the balance sheet, the losses in Q3 further pushed the company's retained earnings into negative territory of over 465 billion VND. Consequently, equity was eroded by more than half by these losses, leaving only 348 billion VND.
Despite a long period of poor business performance, Halico remains committed to its business strategy of not borrowing from banks to expand its scale. Liabilities at the end of Q3 amounted to only 21 billion VND, significantly lower than equity.
Source: https://www.congluan.vn/chu-thuong-hieu-vodka-ha-noi-tiep-tuc-lo-nam-thu-8-von-chu-bi-bao-mon-qua-nua-post317108.html
Comment (0)