DIC Corp reports record quarterly losses.
DIC Corporation (DIG), the Vietnam Construction Investment Development Corporation, experienced a disastrous business quarter. A high volume of returned goods resulted in DIC Corp recording revenue of only over 490 million VND, a decrease of 99.8% compared to the same period last year.
Despite having no revenue, DIC Corp still had to bear operating costs, resulting in a record loss of 121.2 billion VND. This contrasts sharply with a profit of 76.6 billion VND in the same period last year.
DIC Corp (DIG) just reported a record loss of 121 billion VND in the first quarter (Photo: Provided).
Recently, DIC Corp estimated revenue at VND 874 billion, a 440.4% increase compared to the same period last year, with estimated pre-tax profit of VND 160 billion. Despite these positive results in the second quarter, DIC Corp is unlikely to offset the huge losses incurred in the first quarter of 2024.
In 2024, DIC Corp plans to achieve revenue of VND 2,300 billion, a 72% increase compared to the same period; pre-tax profit is expected to reach VND 1,010 billion, more than five times higher than the 2023 figure.
DIC Corp divests a series of investments.
On June 25, 2024, following a record quarterly loss at the beginning of the year, DIC Corp announced its divestment from a number of subsidiaries. Specifically, DIC Corp approved the plan to divest its shareholding in DIC Anh Em Company.
DIC Anh Em is a subsidiary of DIC Corp, with a charter capital of VND 180 billion, operating in the field of ceramic tile manufacturing and trading. As of the end of Q1/2024, DIC Corp owned 16 million shares of DIC Anh Em, equivalent to 89.03% of the share capital.
In addition, DIG is also divesting its stake in Phu Rieng Kratie Rubber Joint Stock Company, with the transfer expected to take place on September 30, 2024.
As of March 31, 2024, DIC Corp owned 2 million shares in Phu Rieng Kratie, equivalent to 5% of the company's charter capital.
DIC Corp has approved the transfer of the Commercial Service Area within the Cap Saint Jacques Complex Project - Phase 1, Vung Tau City, covering an area of 6,553.9 m2. In other news, on June 13th, DIC Corp approved the dissolution of Vung Tau Centre Point One-Member Limited Liability Company.
In addition, DIC Corp also announced changes to its investments in subsidiaries and associated companies, including: converting the business type of DIC Hospitality Company Limited from a Limited Liability Company to a Joint Stock Company; and increasing its ownership from 78.3% to 99.9% of the capital in DIC Hospitality.
Source: https://www.congluan.vn/sau-quy-1-lo-ky-luc-121-ty-dong-dic-corp-dig-thoai-von-khoi-mot-loat-cong-ty-con-post300876.html
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