Truong Thanh Wood (TTF) informs about account blocking

ANTD.VN - Truong Thanh Wood Industry Corporation (stock code: TTF) said the Court has canceled the order to freeze its bank account related to a contract dispute.

According to the company, on October 11, Truong Thanh Wood received a decision from the People's Court of Tan Uyen City, Binh Duong Province, requesting the company's bank account to be frozen. This decision is related to a dispute over a goods purchase contract between Truong Thanh Wood and Hsing Yuan Vietnam Co., Ltd.

However, on the same day, October 11, the People's Court of Tan Uyen City canceled the freezing decision, this emergency measure was quickly resolved and TTF's account was unfrozen.

Truong Thanh Wood has had its account frozen.

The company confirmed that this incident did not affect production and business activities, all activities were taking place normally.

Previously, the Ho Chi Minh City Stock Exchange (HOSE) had sent a document reminding TTF about the delay in disclosing information related to the bank account freeze. HOSE said that on October 1, the Department received a notice from TTF that the company's bank account was frozen according to the decision of the Tan Uyen City People's Court dated September 12.

According to regulations, in this case, TTF must disclose information within 24 hours after the incident occurred, however, the Company did not disclose information as required. HOSE reminded TTF and asked the company to explain the delay in disclosure before October 14.

Regarding business activities, in the first half of 2024, Truong Thanh Wood recorded revenue of VND 699.24 billion, down 2.4% over the same period, the parent company's after-tax profit continued to be negative VND 5.45 billion compared to the same period of negative VND 36.44 billion.

As of June 30, 2024, Truong Thanh Wood's total accumulated loss reached VND 3,241 billion, equivalent to 79% of charter capital.

Regarding the reason for the sharp decline in profits, Truong Thanh Wood said that the company had to record provisions for receivables from customers and similar expenses at subsidiaries in the Group.

In 2024, Truong Thanh Wood plans to have revenue of VND 2,012 billion, and after-tax profit of the parent company of VND 57 billion. Thus, it is likely that Truong Thanh Wood will have difficulty achieving its business plan target this year.

Source: https://www.anninhthudo.vn/go-truong-thanh-ttf-thong-tin-viec-bi-phong-toa-tai-khoan-post592788.antd