DRH shares removed from warning list.

DRH shares were removed from the warning list thanks to the successful holding of the annual general meeting a week ago, but remain suspended from trading.

The Ho Chi Minh City Stock Exchange (HoSE) has removed the shares of DRH Holdings Joint Stock Company (stock code DRH) from the warning list as of today (November 13). HoSE stated that DRH successfully held its 2024 Annual General Meeting of Shareholders on November 5th, thereby resolving the issue that led to the shares being placed on the warning list.

DRH shares were placed on the warning list effective September 19, 2024, due to an auditor's qualified opinion on the listed company's audited financial statements for 2023, falling under the category of securities subject to a warning.

Despite being removed from the warning list, DRH shares remain suspended from trading. Previously, DRH was suspended from trading on September 16th due to continued violations of regulations on information disclosure while under trading restrictions.

The company stated that due to delays in submitting the audited financial statements for 2023, DRH Holdings was unable to complete its 2023 annual report and hold its annual general shareholders' meeting as required.

In response to shareholder questions at the annual general meeting held a week ago, the management stated that the company has completed 80% of the process to rectify the delay in submitting the audited financial statements for 2023, the annual report for 2023, and the reviewed semi-annual financial statements for 2024. Following the meeting, the company expects to complete the semi-annual financial statements and disclose information as required.

According to its self-prepared financial report, in the third quarter of 2024, DRH Holdings achieved net revenue of just over 671 million VND, a sharp decrease of 71% compared to the same period last year. The cost of goods sold reached approximately 1.5 billion VND, far exceeding revenue, resulting in a gross loss of 797 million VND.

Financial costs increased by 70% to VND 37.5 billion, which was the main reason for the company's after-tax loss doubling compared to last year, reaching approximately VND 32 billion.

For the first nine months of the year, DRH Holdings recorded nearly 2.2 billion VND in net revenue, a 72% decrease compared to the same period last year. Pre-tax and after-tax losses were approximately 78 billion VND and nearly 80 billion VND, respectively.

This year, the management board has set a revenue target of 60 billion VND (a 33% increase compared to 2023) and a pre-tax profit target of 5 billion VND. After the first three quarters, the company has only achieved 4% of its revenue target.

As of the end of Q3/2024, the company's total assets exceeded VND 3,965 billion, showing only a negligible difference compared to the beginning of the year. Short-term receivables accounted for over VND 1,555 billion in the company's asset structure. Liabilities totaled over VND 2,535 billion, a slight increase compared to the beginning of the period, and were mostly short-term. Equity was over VND 1,430 billion, and undistributed after-tax profit was approximately VND 43 billion.

On the stock exchange, DRH shares have been trading at 1,900 VND since trading restrictions were imposed. Its market capitalization is over 235 billion VND.

Source: https://baodautu.vn/co-phieu-drh-ra-khoi-dien-canh-bao-d229902.html