Dong A Plastic (DAG) continuously suffers losses and is again put on warning list by HoSE

Dong A Plastics (DAG) shares were again transferred to warning status by HoSE

Dong A Plastics Joint Stock Company (Code: DAG) has just been put on warning status by HoSE since September 23, 2024 because this unit is 15 days late in submitting the 2024 semi-annual audited financial report compared to the regulation.

It is worth noting that this is not the first time Dong A Plastics has violated information disclosure regulations. Previously, on August 8, 2024, HoSE also issued Decision No. 484 on transferring DAG shares from restricted trading to suspended trading, starting from August 15, 2024.

Dong A Plastics (DAG) continuously suffers losses and is again put on warning list by HoSE (Photo TL)

In addition, DAG was also put on warning status from August 15, 2024 due to the audit organization's exception for the 2023 Financial Statements. Undistributed profit after tax on the audited consolidated financial statements for 2023 is also recorded at a negative VND 588 billion.

The consecutive penalties for violating information disclosure regulations have significantly affected DAG's stock price. As of the trading session on September 19, 2024, DAG shares recorded a price of only VND 1,430/share, down more than half compared to the beginning of the year.

DAG's long losing quarters

Once a famous unit in the field of manufacturing plastic products, Dong A Plastic Group was established in 2001 and transformed into a joint stock company in 2006.

However, the business performance of the unit in the past 2 years is showing many negative signs. Specifically, in 2023, Dong A Plastics recorded a sharp decrease in revenue of nearly half compared to the same period, reaching only 1,215.5 billion VND.

Gross profit was negative 371.9 billion VND but DAG still had to bear additional operating costs. As a result, the company suffered a loss after tax of 606.8 billion VND, the highest loss in the unit's operating history.

In the first quarter of 2024, the company continued to record a sharp decline in revenue, down to only 30.3 billion VND. The loss situation continued with an additional loss of 15.1 billion VND. In the second quarter of 2024, revenue increased to 55.3 billion but the loss after tax climbed to 66.6 billion VND.

Source: https://www.congluan.vn/nhua-dong-a-dag-lien-tuc-thua-lo-lai-bi-hose-dua-vao-dien-canh-bao-post313085.html