Sao Thai Duong Investment Joint Stock Company (stock code: SJF) reported a significant increase in after-tax losses and a sharp decline in revenue in the second quarter of 2025 compared to the same period last year.
According to the report, SJF's consolidated after-tax profit for the second quarter of 2025 recorded a loss of over VND 7.47 billion, equivalent to a 63% increase in losses compared to the VND 4.5 billion loss in the same period of 2024.
At the same time, net revenue for the period also decreased sharply by 66%, reaching only 6.3 billion VND compared to 18.2 billion VND in the same period last year.
In a written explanation submitted to the State Securities Commission and the Hanoi Stock Exchange, SJF's management outlined the main reasons for these poor business results.
Firstly, revenue declined in both main markets. In the export segment, overseas orders, especially for bamboo plywood products, decreased sharply due to the impact of new global tariffs. This led foreign partners to temporarily suspend orders. In the domestic market, revenue was also unfavorable, forcing the company to temporarily suspend sales of unprofitable items.
Secondly, the burden of maintenance costs remains high despite declining revenue. The company stated that it still needs to maintain a skilled workforce for long-term stability, while simultaneously restructuring the factory and investing in new equipment. This has led to increased business management and sales expenses.
Thirdly, pressure from financial costs and provisions. Low revenue has prevented the company from fully paying off outstanding financial expenses from the previous year. In addition, SJF has had to make provisions for doubtful receivables and investments. Efforts to recover debts from partners have also been unsuccessful, further negatively impacting profits.
For the first six months of 2025, SJF's net revenue reached VND 20.95 billion. The after-tax loss was VND 9.45 billion.
As of June 30, 2025, Sao Thai Duong Investment's total assets reached VND 841.3 billion, a slight increase compared to VND 812.6 billion at the beginning of the year. However, the asset structure has undergone notable changes.
Specifically, in terms of short-term assets, cash and cash equivalents decreased sharply by 77%, from VND 39 billion at the beginning of the year to only VND 8.78 billion. Meanwhile, short-term receivables increased from VND 591.9 billion to VND 656.8 billion. Inventory also increased from VND 3.45 billion to VND 6.25 billion.
SJF's total liabilities at the end of Q2/2025 amounted to VND 333.9 billion, an increase of 12.8% compared to the beginning of the year. Of this, short-term debt was VND 168.1 billion and long-term debt was VND 165.8 billion. Notably, long-term borrowings and financial lease liabilities increased sharply from VND 86.4 billion to VND 130.1 billion.
In October 2024, the Ho Chi Minh City Stock Exchange (HOSE) announced the mandatory delisting of SJF shares of Sao Thai Duong Investment from November 1, 2024, despite the company having submitted a request for an extension to submit its audited financial statements.
According to the decision of HOSE, the number of delisted securities is 79.2 million shares, with a delisted value at par value of 792 billion VND.
The reason for delisting is that SJF seriously violated its information disclosure obligations, falling under the category of securities subject to mandatory delisting according to regulations.
Established in March 2012, Sao Thai Duong Investment primarily operates in the fields of providing clean agricultural production solutions using microbial technology, investing in organic agricultural production and supplying high-quality clean food, and manufacturing industrial pressed bamboo.
Source: https://doanhnghiepvn.vn/doanh-nhan/sjf-tiep-tuc-lo-nang/20250806023840990
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