Tri Viet Asset Management (TVC) audit reported double loss to 900 billion

Tri Viet Asset Management JSC (Code TVC) has just announced its audited consolidated financial statements for 2022. Accordingly, the consolidated loss for 2022 more than doubled compared to the previous self-prepared report.

In the audited financial report, Tri Viet Asset Management recorded net revenue of VND153 billion, down about 65% compared to the same period last year, not much changed compared to before the audit. Gross profit was also recorded at VND86 billion, down about VND1 billion compared to the self-prepared report.

After the audit, Tri Viet Asset Management (TVC)'s loss more than doubled, up to nearly 900 billion VND (Photo TL)

Notably, regarding sales expenses, the auditor unexpectedly increased this financial indicator by 9 times compared to TVC's self-report. Business management expenses increased from 64 billion to 570 billion VND. This expense caused TVC's after-tax loss to increase sharply from minus 380 billion VND to minus 887 billion VND.

The auditors have issued an exception opinion on receivables including: Receivables under investment cooperation contracts with a value of approximately VND 273 billion; receivables under bond transfer contracts worth VND 50 billion; receivables under securities brokerage contracts worth nearly VND 481 billion. TVC has set aside a loss provision for some of the above receivables of VND 507 billion.

As of December 31, 2022, the total net value of the above receivables is VND 297 billion. However, the auditor has not collected audit evidence to assess the purpose, participants and remaining receivable value of the above contracts, so it is impossible to assess the impact on other financial indicators.

Source: https://www.congluan.vn/sau-kiem-toan-quan-ly-tai-san-tri-viet-tvc-bao-lo-gap-doi-len-toi-gan-900-ty-dong-post253224.html