Tan Lien Phat Tan Cang Logistics and Real Estate Joint Stock Company (Tan Lien Phat Tan Cang) has just announced its financial situation for 2024. Accordingly, this unit reported a net loss of nearly 398 billion VND in 2024, a sharp reversal compared to the profit of more than 20 billion VND in 2023.
With heavy losses last year, Tan Lien Phat Tan Cang recorded equity by the end of 2024 decreasing to nearly 732 billion VND, compared to the owner's investment capital of more than 1,084 billion VND.
The decline in equity caused Tan Lien Phat Tan Cang's debt/equity ratio by the end of 2024 to jump to 6.18 times, while the debt/total assets ratio reached 86%, exceeding the red line of 70% according to China's calculation.
Due to heavy losses, Tan Lien Phat Tan Cang recorded a decrease of nearly 8% in total assets, to nearly VND5,260 billion. The company's liabilities remained almost the same compared to the beginning of the year, at more than VND4,525 billion.
One notable point is that Tan Lien Phat Tan Cang no longer records a bank debt of VND380 billion, but other short-term payable expenses have suddenly increased fourfold to more than VND485 billion.
In addition, in the audited financial statements for 2024, the auditor issued a qualified opinion due to the inability to obtain sufficient appropriate audit evidence to assess the recoverability of other short-term receivables from Mr. Nguyen Duc Tuan. This is a deposit for seeking investment projects, with a book value of nearly VND 135.8 billion, equivalent to 2.58% of total assets at the end of 2024.
The auditor said it could not assess the impact of this issue on Tan Lien Phat Tan Cang's financial statements for the year ending 2024.
By the end of 2024, Tan Lien Phat Tan Cang recorded two outstanding bond lots with codes TLRCB2325001 and TLRCB2326002, both issued on September 21, 2023 and interest rate of 10%/year.
Bond lot TLRCB2325001 has a term of 18 months, maturing on March 21, 2025. And lot TLRCB2326002 has a term of 36 months, maturing on September 21, 2026.
According to the Hanoi Stock Exchange (HNX), bond lot TLRCB2325001 is no longer recorded as outstanding as of the end of 2024.
Tan Lien Phat Tan Cang was established in 2002. Initially, the company's main business was providing other support services related to transportation. Later, the company changed its main business to real estate business and its headquarters is located at 28 Nguyen Quy Canh, Thu Duc, Ho Chi Minh City.
Before July 2024, Ms. Tran Thi Thu Hien held the role of Director and legal representative of Tan Lien Phat Tan Cang. Currently, this position is held by Mr. Le Anh Duong.
Ms. Tran Thi Thu Hien used to represent a number of businesses such as: Masterise Lumiere Office Building Services, Metropolis Company Limited.
Masterise is a high-end real estate brand in Vietnam, belonging to Masterise Group (formerly Thao Dien Investment). In which, Masterise Homes is a member unit specializing in developing high-end housing projects.
Masterise Group, Masan and Techcombank are said to have close ties, especially through the family of Techcombank Chairman - Mr. Ho Hung Anh.
Source: https://vietnamnet.vn/lo-gan-400-ty-dai-gia-bat-dong-san-vuot-lan-ranh-do-2421255.html
Comment (0)