Recently, TNG Investment and Trading Joint Stock Company (HNX Code: TNG), a unit operating in the fields of garment, packaging production... has just announced its business results for August. Of which, net revenue reached 721 billion VND, a slight increase of 3% over the same period.
Notably, financial revenue increased by 26%, reaching more than 9 billion VND. However, financial expenses increased by nearly one and a half times, from 22.9 billion to 31.6 billion VND. In which, interest expenses mainly increased from 19.6 billion to 25 billion VND.
TNG's August profit decreased by 30%, debt exceeded equity by 40% (Photo TL)
Sales expenses and business management expenses also increased sharply. Specifically, sales expenses nearly doubled, from 8.5 billion to 16.1 billion VND. Business management expenses increased from 31.1 billion to 38.7 billion VND.
The simultaneous increase in costs has caused TNG's net operating profit to drop to only VND29.1 billion, a decrease of 66% compared to the same period. As a result, TNG's after-tax accounting profit in August reached VND23 billion, a decrease of 30.9% compared to the same period.
The company's cumulative revenue in the first 8 months of the year reached VND4,838 billion, up about 3% over the same period. Profit after tax decreased by 30%, reaching only VND143 billion. Compared to the target plan set at the beginning of the year, TNG has completed 71% of the revenue plan and 48% of the profit plan for 2023.
As of August 31, 2023, the company's total assets reached VND 5,456.9 billion, an increase of about 4% compared to the beginning of the year. Of which, payables accounted for VND 3,764.5 billion, equivalent to 69% of total capital. The company's short-term debt currently accounts for VND 2,066.3 billion, long-term debt accounts for VND 757.5 billion.
Thus, the company's total short-term and long-term debt is VND 2,823.8 billion, 40.1% higher than equity.
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