Novaland lost another 1,820 billion VND in the third quarter

Novaland announced its third quarter business results, with consolidated net revenue for the first 9 months reaching nearly VND5,400 billion but a loss of VND1,820 billion in the quarter, the third consecutive quarter with negative profits for the company.

Novaland 's Aqua City project in Dong Nai - Photo: NGOC HIEN

On October 28, Novaland Group (stock code: NVL) announced its third quarter business results with consolidated net revenue for the first nine months reaching nearly VND5,400 billion from sales and service provision. Of which, net revenue from sales reached nearly VND4,956 billion, up 33% over the same period last year, recorded from the handover of the company's projects.

Net revenue from providing services reached VND442 billion. However, consolidated profit after tax recorded a loss of VND1,820 billion, mainly due to a decrease in financial revenue.

As of September 30, Novaland's total assets reached nearly VND 239,575 billion, inventory recorded VND 152,285 billion, of which the value of land fund and projects under construction accounted for 95.1%, the rest was completed real estate and real estate goods, completed real estate waiting to be handed over to customers.

Regarding outstanding loans, as of September 30, Novaland's total outstanding loans were more than VND64,000 billion, of which total short-term loans were about VND32,000 billion.

"Cash flow is still facing many difficulties. Novaland is making efforts to find solutions, continuing to negotiate restructuring options while simultaneously implementing many practical solutions to meet due obligations and trying to overcome outstanding shortcomings to ensure investors' rights," said Novaland's leader.

Regarding construction investment activities, in addition to continuing to develop projects, Novaland said that the Victoria Village project in Ho Chi Minh City is accelerating all items, determined to finish this year, while the progress of The Grand Manhattan project (Ho Chi Minh City) is also being promoted.

In the past 9 months, 1,935 pink books were issued at Novaland projects, mainly in Ho Chi Minh City.

This year, Novaland has experienced three consecutive quarters of losses, with a net loss of more than VND442 billion in the first quarter and a net loss of VND666 billion in the second quarter. At the beginning of 2025, Novaland proposed two revenue plans for 2025, with the option of reaching VND13,411 billion or VND10,453 billion.

Notably, both of these options have Novaland's profit target set at no profit, with one option even losing hundreds of billions of dong.

NGOC HIEN

Source: https://tuoitre.vn/novaland-lo-them-1-820-ti-dong-trong-quy-3-20251028103224381.htm