A series of businesses earned hundreds of billions of dong more in profit after audit.

After review, many businesses recorded hundreds of billions in additional profits, notably Tu Liem Urban Development Corporation (Lideco, HOSE: NTL) .

Accordingly, Mr. Le Minh Tuan - Chairman of the Board of Directors, said that there was an increase of more than VND 536 billion in sales and service provision revenue to VND 1,416 billion, equivalent to an increase of 61% after audit.

Cost of goods sold increased after audit by 195 billion VND; Selling and administrative expenses increased by 13 million VND.

Since then, the company's profit increased by nearly VND251 billion, equivalent to a 63% increase compared to self-made figures, to approximately VND652 billion.

Lideco's audited difference. Photo taken from the difference explanation.

Compare Lideco's profit in the first 6 months of 2024 with the same period in 2023.

Mr. Tuan explained that the auditing unit had added revenue and cost of goods sold to customers of the Bai Muoi Urban Area project (in Cao Thang, Ha Khanh, Ha Lam wards - Ha Long City, Quang Ninh Province) - although there was still debt until June 30, 2024, it was determined that it was eligible to record revenue in the first 6 months of 2024.

Compared to the same period, the unit's net profit increased by 23,509%, meaning that the unit exceeded the 2024 profit plan target, while if considered based on self-made numbers, the unit's net profit only reached 57% of the plan.

In addition to Lideco, Binh Duong Production - Import - Export Corporation - JSC (UPCoM: PRT) also recorded a net profit increase of up to 300%.

Accordingly, due to the refund of financial investment provision expenses of subsidiaries, joint ventures and associates when re-determined according to audited reports at the units, net profit increased from VND 2 billion to VND 8 billion after audit.

Next is a company belonging to the Petrolimex family, Petrolimex Waterway Petroleum Transport Joint Stock Company (HOSE: PJT) .

In the parent company's business performance report prepared by this unit, there are 7 indicators that differ from the audited report.

Indicators in PJT's business results table changed after audit. Photo excerpt explaining the difference. — Indicators in PJT's business results table changed after review. Photo excerpt explaining the difference

The recorded cost of goods sold decreased by more than VND 14 billion after audit, down to more than VND 296 billion. Therefore, the gross profit from sales and service provision increased to the same level, reaching more than VND 43 billion after audit.

In addition, business management costs increased by VND326 million, net profit from business activities increased by more than VND14 billion.

Total pre-tax accounting profit reached more than 33 billion VND instead of just over 19 billion VND as in the self-prepared report.

After recalculating taxes, PJT recorded an increase in net profit of VND11 billion, reaching approximately VND27 billion after audit.

According to the explanation, the cost of goods sold decreased by more than VND 14 billion due to the adjustment to reduce the provision for major repairs in 2024 and the following years.

Before 2023, PJT carried out major repair costs of assets using the actual payment method during the year. However, at the end of 2023, KPMG Auditing Company recommended that PJT implement the pre-accrual method to synchronize with the accounting policy of Petrolimex Water Transport Corporation.

However, when it came to the audit of the financial statements for the first 6 months of 2024, KPMG auditors did not agree with the pre-accrual method and proposed to return to the actual payment method in 2024, so the report showed an unexpected major repair provision cost of more than 15 billion VND.

In addition, direct salary expenses increased by nearly VND925 million due to additional salary funds allocated based on business results in the first 6 months of this year. Business management expenses increased due to additional salary funds for management and indirect groups, so after-tax profits increased accordingly.

A case of strong increase in net profit after the 2024 semi-annual review is An Tien Industries JSC (HOSE: HII) when it recorded an additional nearly 28 billion VND, an increase of 101.32% compared to the self-made report.

According to the explanation, the main reason is due to the adjustment to reduce financial operating costs and increase profits from joint ventures and associates.