HoSE has just issued a document stating that it will delist APC shares of An Phu Irradiation Joint Stock Company because the company has reported a net loss after tax for the third consecutive year.
The Ho Chi Minh City Stock Exchange (HoSE) has sent a document to An Phu Irradiation Joint Stock Company to announce the mandatory delisting of APC shares. The reason for delisting is that the company's business results have been loss-making for three consecutive years.
Previously, in mid-January 2024, when An Phu Irradiation announced its financial report for the last quarter of 2023 with a cumulative loss of 35 billion VND for the whole year, HoSE also issued a notice regarding delisting.
According to the company's financial report, in 2023, net revenue from sales and services reached approximately VND 118 billion, a decrease compared to VND 135.7 billion the previous year. The company recorded a gross profit of VND 25.4 billion, but after deducting financial expenses, selling expenses, and administrative expenses, it reported a net loss of VND 35.6 billion. This marks the third consecutive year the company has reported losses, with the losses becoming increasingly significant. Previously, in 2021 and 2022, the company's after-tax losses were VND 1.6 billion and VND 9 billion, respectively.
In the financial statement submitted to HoSE, the leadership of An Phu Irradiation did not provide a detailed analysis of the reasons for the heavy losses, only stating that the results stemmed from a decrease in revenue while interest expenses increased by 22%.
On the stock exchange, APC shares are experiencing a two-day losing streak, but the decline is not significant. The stock closed the trading session on March 22nd at 7,870 VND. With over 20 million shares outstanding, the company's market capitalization is 156 billion VND.
An Phuc Irradiation was established in 2003, primarily operating in the field of sterilizing seafood and preserving frozen fruits and vegetables through irradiation. The company first traded on the stock exchange in 2010, closing at 39,000 VND. The stock's peak was around the end of 2017, when its share price reached 82,000 VND at one point.
According to the most recently published financial figures, the company has total assets of VND 890 billion and liabilities of approximately VND 300 billion. The company's equity is VND 590 billion, of which undistributed after-tax profits exceed VND 260 billion.
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