In 2023, the audited after-tax profit of Cen Land - a company whose vice chairman is Mr. Pham Thanh Hung (Shark Hung) - only reached over 2 billion VND. This profit figure also decreased by more than 466 million VND compared to the after-tax profit of the previous self-prepared financial report.

In the same period last year, Cen Land's after-tax profit reached more than 194 billion VND.

According to Cen Land, in 2023, the real estate market will face many difficulties and unfavorable factors such as banks tightening credit lending for real estate transactions, capital mobilization channels through bonds being controlled, causing great pressure on home buyers and investors. Net revenue and profit both decreased significantly compared to the same period last year.

In its separate financial report, Cen Land also clearly explained that the investor of the new urban area project Hoang Van Thu (Louis Hoang Mai) has not fully paid the land use fee for phase 3. The progress of implementing the business cooperation contract for this project may be slower than expected.

Currently, the investor has paid 758.7 billion VND in land use fees, the remaining debt is 668.1 billion VND. Due to the large amount of land use fees, combined with the difficult economic situation, sales have been affected, so the expected revenue to pay land use fees has not been as planned.

Regarding the Hoa Tien Paradise project, Cen Land also explained that its partner, Hong Lam Xuan Thanh JSC, has not yet paid enough value added tax, corporate income tax and late tax payment to the State Budget.

The tax debt of Hong Lam Xuan Thanh Joint Stock Company affects the auditor's opinion on determining the ability to recover receivables.

Cen Land has worked with the investor to propose tax payment. The total tax debt and late payment of Hong Lam Xuan Thanh JSC is estimated at about 70 billion VND.

As of December 31, 2023, Cen Land's total assets decreased by 6.8% compared to the beginning of the year, equivalent to a decrease of VND 515.8 billion, to VND 7,101.3 billion. Of which, the main assets were short-term receivables recorded at VND 4,110.7 billion, accounting for 57.9% of total assets; long-term receivables recorded at VND 1,750.3 billion, accounting for 24.6% of total assets; cash and short-term financial investments recorded at VND 275.9 billion, accounting for 3.9% of total assets and other items.

At the end of the trading session on April 1, CRE shares reached 9,400 VND/share.

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