Tan Tao Investment and Industry Corporation (ITA) has recently announced information on stock transactions of its leaders. Accordingly, Ms. Nguyen Thi My Hanh, wife of Mr. Dang Quang Hanh, Standing Vice Chairman of the Board of Directors of Tan Tao ITA, registered to buy 1.1 million ITA shares and simultaneously sold 5.3 million shares.
It is worth mentioning that Ms. Hanh's transaction took place from June 6, 2022 to September 5, 2022 using the order matching method on the stock exchange. Thus, Ms. Hanh's above transaction was not announced until 1 year later.
Tan Tao ITA - Vice President's family sold 5 million shares but only reported it 1 year later (Photo TL)
With this transaction, Ms. Hanh reduced her share ownership from more than 4.2 million shares, equivalent to 0.45% of charter capital, to only 81 shares.
The fact that a shareholder holding millions of shares, who is also a relative of a senior leader, trades shares without reporting will significantly affect the interests of other shareholders in the company.
Regarding business results, Tan Tao ITA has recently recorded some existing difficulties. Specifically, in the second quarter of 2023, the company recorded revenue of VND 81.3 billion, down 73.5% over the same period last year. Gross profit for the period reached VND 40.7 billion, corresponding to a gross profit margin of 50.1%.
Financial revenue in the period decreased to only VND2.1 billion, a decrease of 79.8%. Sales expenses and business management expenses in the period both increased, putting pressure on revenue. The total cost of these two types was recorded at VND15 billion. Profit after tax after deducting all remaining expenses was VND23.9 billion, a decrease of 78.8% compared to the same period last year.
By the end of the second quarter, ITA's accumulated revenue in the first 6 months of the year reached VND142.9 billion, down 61.5% over the same period. Profit after tax reached VND39 billion, down nearly 70% over the same period last year. Compared to the plan set at the beginning of the year with revenue of VND774.4 billion and profit of VND257.3 billion, Tan Tao ITA has only completed 15.2% of the yearly plan.
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