Crystal Bay's business is losing money, owing thousands of billions of dong in bonds

Crystal Bay Joint Stock Company has just announced its financial situation for the first half of 2023 with the company's equity at nearly VND 1,627 billion, down 4% over the same period.

The debt/equity ratio increased from 2.17 in the same period to 2.95 times, corresponding to the company's debt of nearly VND 4,800 billion. Of which, the outstanding bond debt/equity is 1.3 times, corresponding to the outstanding bond debt of about VND 2,110 billion.

As a result, Crystal Bay reported a consolidated loss after tax of nearly VND136 billion, while in the same period last year it lost more than VND17 billion. Thereby, the profit after tax/equity ratio (ROE) was negative 8.16%, in the same period last year it was negative 1.04%.

In November 2021, Crystal Bay mobilized VND 450 billion from the bond lot code CBGCB2124001, 3-year term, maturing on November 5, 2024, fixed interest rate of 9.5%/year.

VNDIRECT Securities JSC (HoSE: VND) is the depository organization. This bond lot is secured by 78.2 million Crystal Bay shares owned by 11 individuals, of which the largest shareholding is held by Mr. Nguyen Duc Chi - Chairman of the Board of Directors of the company and Da Lan Huong Joint Stock Company.

Financial indicators of the enterprise (Source: HNX).

Crystal Bay's full name is Crystal Bay Joint Stock Company - a member of Crystal Bay Group, officially operating on July 4, 2018, headquartered at Building No. 5, International Marina Park, Nguyen Co Thach Street, Vinh Hoa Ward, Nha Trang City, Khanh Hoa . Headed by Mr. Nguyen Duc Chi - Chairman of the Board of Directors, contributing 60%, the remaining 40% is divided equally between Mr. Nguyen Duc Tan - Deputy General Director and Ms. Nguyen Thi Duyen - Vice Chairman of the Board of Directors and Deputy General Director.

Crystal Bay is a group operating strongly in the field of international tourism and travel, prominent in Vietnam. The group is a pioneer in building a tourism ecosystem on the pristine coastal land of Ninh Thuan . With the goal of creating a diverse resort, entertainment, relaxation and experience tourism ecosystem, introducing Vietnam to domestic and international tourists.

In June 2021, Crystal Bay increased its charter capital to VND 1,150 billion, the shareholder structure was not disclosed. At the same time, the position of General Director was changed to Mr. Nguyen Tien Trung.

One of the businesses in Crystal Bay's ecosystem, SunBay Ninh Thuan JSC, also reported a loss of nearly VND 3 billion in the first 6 months of 2023, while in the same period it made a profit of more than VND 4 billion. Currently, this business also has a bond debt of more than VND 1,670 billion .

Source: https://www.nguoiduatin.vn/crystal-bay-kinh-doanh-thua-lo-no-trai-phieu-hang-nghin-ty-dong-a624666.html