Novaland 's Aqua City project in Dong Nai - Photo: NGOC HIEN
On October 28th, Novaland Group (stock code: NVL) announced its Q3 business results, with consolidated net revenue for the first nine months reaching nearly VND 5,400 billion from sales and services. Of this, net revenue from sales reached nearly VND 4,956 billion, a 33% increase compared to the same period last year, generated from the handover of projects by the company.
Net revenue from service provision reached VND 442 billion. However, consolidated after-tax profit recorded a loss of VND 1,820 billion, mainly due to a decrease in financial income.
As of September 30th, Novaland's total assets reached nearly VND 239,575 billion, with inventory recorded at VND 152,285 billion. Of this, land and projects under construction accounted for 95.1%, with the remainder being completed real estate and unsold or completed real estate awaiting handover to customers.
Regarding outstanding loans, as of September 30th, Novaland's total outstanding loans amounted to over 64,000 billion VND, of which short-term loans accounted for approximately 32,000 billion VND.
"Cash flow remains very challenging, and Novaland is striving to find solutions, continuing negotiations on restructuring options while simultaneously implementing many practical measures to meet due obligations and trying to overcome outstanding shortcomings to ensure the rights of investors," said a Novaland leader.
Regarding investment and construction activities, in addition to continuing to develop projects, Novaland stated that the Victoria Village project in Ho Chi Minh City is accelerating the progress of all items, determined to be completed this year, while progress at The Grand Manhattan project (Ho Chi Minh City) is also being accelerated.
Over the past nine months, 1,935 land ownership certificates have been issued at Novaland's projects, mainly in Ho Chi Minh City.
This year, Novaland has experienced losses for three consecutive quarters, with a net loss of over VND 442 billion in Q1 and a net loss of VND 666 billion in Q2. At the beginning of 2025, Novaland presented two revenue targets for 2025, aiming for either VND 13,411 billion or VND 10,453 billion.
Notably, Novaland has set profit targets for both of these options at zero, with one even incurring losses of hundreds of billions of dong.
Source: https://tuoitre.vn/novaland-lo-them-1-820-ti-dong-trong-quy-3-20251028103224381.htm
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