Tan Tao (ITA) was reprimanded by HoSE for late submission of its audited semi-annual financial statements for 2024.
Tan Tao Investment and Industrial Corporation (HoSE code: ITA) is a company primarily engaged in the investment, construction, and business of infrastructure within the Tan Tao Industrial Park, closely associated with the name of its Chairwoman, Dang Thi Hoang Yen.
Recently, ITA was also reminded by the Ho Chi Minh City Stock Exchange (HoSE) for failing to submit its audited separate and consolidated semi-annual financial statements for 2024.
Tan Tao (ITA), chaired by Dang Thi Hoang Yen, has just been reminded by HoSE (Hanoi Stock Exchange) about the delay in submitting its audited semi-annual financial statements (Photo: Provided).
According to Clause c, Point 2, Article 14 of Circular No. 96/2020/TT-BTC dated November 16, 2020, issued by the Ministry of Finance , listed companies and large-scale public companies must publish their audited semi-annual financial statements within 5 days from the date the auditing firm submits the audit report. The deadline must also not exceed 45 days from the end of the first six months of the fiscal year.
HoSE reminded and requested Tan Tao to promptly disclose information on the audited semi-annual financial statements for 2024 in accordance with regulations.
The increase in profit was mainly due to negative financial costs.
In terms of business performance, in Q2/2024, Tan Tao recorded revenue of VND 70.88 billion, a decrease of 12.9% compared to the same period last year. After-tax profit reached VND 44 billion, an increase of 84.4% compared to the same period last year.
Notably, despite the increase in profit, gross profit decreased by 25.4% compared to the same period last year, to VND 30.4 billion. This resulted in a decrease in the gross profit margin from 50.1% to only 42.9%.
The increase in profit did not come from core business operations but from negative financial expenses of VND 20.9 billion. In addition, business management expenses were also significantly reduced, amounting to only nearly VND 3 billion.
ITA's cumulative revenue for the first six months of the year recorded net revenue of VND 142.2 billion, unchanged from the previous year. After-tax profit increased by 64.6%, reaching VND 64.2 billion. Compared to the 2024 business plan, with revenue of VND 530 billion and after-tax profit of VND 178 billion, Tan Tao has only achieved 26.8% of its revenue target and 36.1% of its profit target.
Company linked to Chairwoman Hoang Yen acquires an additional 5.8 million ITA shares.
A notable development in August concerned the shareholder structure of Tan Tao. Specifically, Tan Dong Phuong Construction and Development Investment Joint Stock Company, an organization related to ITA's Chairwoman Dang Thi Hoang Yen, registered to purchase an additional 5.8 million shares.
The transaction took place from August 26, 2024 to September 24, 2024 through a negotiated agreement. If the transaction is successful, Tan Dong Phuong will increase its ownership stake in Tan Tao to 12.46% of the charter capital.
It is estimated that the company associated with Chairwoman Dang Thi Hoang Yen will have to spend approximately 23 billion VND to acquire 5.8 million shares.
Regarding ITA shares, this stock code has been subject to trading restrictions since July 16, 2024, due to the late submission of audited financial statements for 2023. This means that ITA shares can only be traded in the afternoon sessions. Since the beginning of the year, ITA shares have lost nearly half their value, recording only 3,490 VND/share as of the trading session on September 6, 2024.
Source: https://www.congluan.vn/co-phieu-bi-han-che-giao-dich-tan-tao-ita-cua-ba-dang-thi-hoang-yen-lai-vua-bi-hose-nhac-nho-post310874.html
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