Shares of rice giant Loc Troi are subject to trading restrictions.

The Hanoi Stock Exchange has sent a document to Loc Troi Group informing them that LTG shares will be placed under trading restrictions as per regulations. Accordingly, LTG shares will only be traded on Fridays starting from October 24th. The reason is that the company is more than 45 days late in submitting its audited semi-annual financial report for 2024.

At the close of trading on October 21, LTG shares fell to 9,400 VND/share, a drop of more than 30% compared to the beginning of October. Over the past year, the stock has plummeted 70%, from over 33,000 VND/share in September 2023 to below par value.

LTG shares of Loc Troi Group have been placed under trading restrictions.

Loc Troi has yet to release its Q2 2024 financial report and its audited 2024 semi-annual financial report. The company stated that it is facing force majeure events and needs to strengthen its working capital flow for production and business operations, focusing entirely on addressing immediate financial issues. Furthermore, the 2024 Annual General Meeting of Shareholders was held later than in previous years. Following the meeting, the company experienced personnel changes, replacing several key personnel, resulting in the completion of the 2024 audit and review contract on August 19th. According to the Q1 2024 financial report, the company recorded a significant increase in revenue of VND 3,849 billion thanks to the rice segment, but incurred a loss of VND 96 billion.

Most recently, on October 16th, Loc Troi appointed Mr. Nguyen Tan Hoang as the company's General Director. In mid-July, Loc Troi dismissed Mr. Nguyen Duy Thuan from the position of General Director, and subsequently, there have been many reports of disputes between the company and the former CEO.

Despite being a leading rice exporter, Loc Troi's business has recently declined. Although revenue remains high, profits have plummeted, culminating in a loss in the first quarter of 2024. In 2023, the audited consolidated financial statement recorded a net profit after tax of only VND 16.5 billion, a decrease of 93.8% compared to the self-prepared report for the fourth quarter of 2023 (VND 265 billion). Thus, the company's profit in 2023 decreased by 96% compared to 2022.

Source: https://thanhnien.vn/co-phieu-ong-lon-gao-loc-troi-bi-han-che-giao-dich-18524102116375801.htm