With an accumulated loss of 59 billion VND, Ladophar (LDP) was again named by the Lam Dong Provincial Tax Department.

Lam Dong Pharmaceutical was handled for tax violations

Lam Dong Provincial Tax Department has just issued Decision No. 2073/QD-CTLDO to sanction administrative violations against Lam Dong Pharmaceutical Joint Stock Company - Ladophar (Code: LDP). The reason is that the company is late in submitting the personal income tax deduction declaration for the tax declaration period of June 2023. For its violations, Lam Dong Pharmaceutical was fined 3.5 million VND.

Lam Dong Pharmaceutical Joint Stock Company - Ladophar (LDP) was fined by the Lam Dong Provincial Tax Department (Photo TL)

Previously, the State Securities Commission (SSC) also sanctioned Ladophar for administrative violations in the field of securities and the securities market. The company was fined VND92.5 million for not disclosing information in accordance with regulations on information and documents used in the extraordinary General Meeting of Shareholders on December 20, 2023.

As of September 9, 2024, LDP shares have also been included in the list of securities ineligible for margin trading by the Hanoi Stock Exchange (HNX). In addition, LDP shares are also under warning and control.

Regarding business activities, Lam Dong Pharmaceutical's consolidated financial statements for the first 6 months of 2024 recorded net revenue of VND 93 billion. Profit after tax reached more than VND 1.8 billion while in the same period, it lost VND 9.2 billion.

According to Lam Dong Pharmaceuticals’ explanation, the company recorded profit growth due to changes in the proportion of manufactured goods. As a result, gross profit improved to VND 10.4 billion, 2.5 times higher than the same period. In addition, the company’s operating costs were also reduced, helping to increase profits.

6 years in business, 5 years of loss, owner's equity eroded

Before 2022, Lam Dong Pharmaceutical had suffered losses in its core business for three consecutive years. From 2018 to 2020, LDP continuously recorded losses of VND20 billion, VND7.8 billion and VND28.7 billion from its core business.

Entering 2022, Lam Dong Pharmaceutical recorded revenue of 187.4 billion VND. Gross profit brought in 37.5 billion VND, but increased operating costs and financial costs caused the company to lose 38.9 billion VND.

By 2023, LDP's revenue remained stable at VND186 billion, its after-tax loss had decreased but still accounted for VND20.1 billion. Thus, in the 6 years from 2018-2023, LDP suffered losses for 5 years.

In the first half of 2024, although the results have improved, the losses from previous years have significantly eroded equity. At the end of the second quarter of 2024, total assets reached VND 192.9 billion, of which equity accounted for only VND 94.2 billion. The company is also recording an undistributed accumulated loss of up to VND 59 billion, the result of the previous 5 years of losses.

Source: https://www.congluan.vn/lo-luy-ke-59-ty-dong-ladophar-ldp-lai-bi-cuc-thue-tinh-lam-dong-goi-ten-post316372.html