The Ho Chi Minh City Stock Exchange (HoSE) has just announced that it has received a document from Phu Hung Securities Corporation (UPCoM Code: PHS) regarding the withdrawal of its application for listing on this exchange. The company stated that the reason is that the market situation is not favorable for listing shares and the interests of shareholders.
With this document, HoSE will stop reviewing Phu Hung Securities' listing application. In the future, if Phu Hung Securities changes its decision, HoSE will still have to review the company's application from the beginning.
Phu Hung Securities (PHS) annual profit decreased by 57%, had to withdraw listing application at HoSE. (Photo TL)
Phu Hung Securities, formerly known as Au Lac Securities Company, was established in 2006 in the fields of securities brokerage, securities trading, securities custody, securities underwriting, securities investment consulting... The company's shares have been traded on UPCoM since July 2019.
Besides the decision to stop listing PHS shares on HoSE, it can be seen that the company had to go through a relatively poor year of operation in 2022.
Specifically, Phu Hung Securities' operating revenue reached VND 535.6 billion, a slight increase compared to 2021. Of which, profit from main assets recorded through profit or loss (FVTPL) decreased by 80%, from VND 9,985.3 billion to only VND 1,933.6 billion. Meanwhile, profit from loans and receivables increased from VND 229.8 billion to VND 289.9 billion.
A huge pressure appeared in 2022 that weighed on Phu Hung Securities' finances, which was a sharp increase in financial expenses from VND 46.5 billion to VND 214 billion, equivalent to an increase of 4.6 times. Of which, interest expenses increased 2.3 times, from VND 37.3 billion to VND 87.4 billion. The difference between realized and unrealized exchange rate losses even increased by 13.8 times, from VND 9.2 billion to VND 126.6 billion. Management expenses in 2022 also increased by VND 25 billion, to VND 96.2 billion.
In summary, Phu Hung Securities' after-tax profit in 2022 decreased from VND 140.9 billion to only VND 60 billion, a decrease of about 57.4%.
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