Loc Troi Group continues to request to postpone the announcement of financial reports.

Loc Troi Group continues to request a postponement of the release of its financial report.

Loc Troi Group has requested a second postponement of its financial report release, citing the reason that "all personnel must focus on addressing immediate financial issues."

In a document sent to the State Securities Commission and the Hanoi Stock Exchange (HNX), Loc Troi Group Joint Stock Company (stock code: LTG) requested a postponement of the announcement of its Q2 financial report and an extension of the deadline for announcing its audited semi-annual financial report for 2024.

Previously, Loc Troi requested a postponement of the release of its Q2 financial report until August 30th due to force majeure. According to regulations, listed companies must submit their Q2 financial reports by July 31st.

Loc Troi Group stated that, due to unresolved force majeure events, the company needs to strengthen the stability of its working capital and focus on addressing immediate financial issues, which has prevented it from publishing its financial report on time.

This year's annual general meeting of shareholders of Loc Troi was also held later than in previous years. Following the meeting, the company experienced some personnel changes, replacing several key personnel. This resulted in the company only completing the signing of the audit and review contract for 2024 on August 19th.

In mid-July, Loc Troi announced the dismissal of Mr. Nguyen Duy Thuan from the position of General Director. Mr. Huynh Van Thon – Chairman of the Board of Directors of Loc Troi – will temporarily manage the company's operations until a new General Director is appointed.

On July 22nd, Ms. Nguyen Thi Thuy, a member of Loc Troi's Supervisory Board, submitted her resignation. One month later, the company received a resignation letter from Mr. Johan Sven Richard Boden, a member of the Board of Directors. In his resignation letter, Mr. Johan Boden stated that he was resigning from his position as a member of the Board of Directors of the Company effective August 23rd due to personal reasons.

Mr. Johan Boden was elected to the Loc Troi Board of Directors at the annual general shareholders' meeting held two months prior.

Conversely, on July 24th, Mr. Nguyen My was elected to the position of Deputy General Director of Loc Troi Group. In addition, Mr. My is currently the Chairman of the Board of Directors of An Giang Plant Protection Company Limited.

LTG shares are currently trading at VND 16,500, up 15% from their more than four-year low recorded on August 5th (VND 14,300) and down 37% from VND 26,200 at the beginning of the year. With approximately 101 million shares outstanding, the market capitalization is over VND 1,662 billion.

In the first quarter of 2024, Loc Troi recorded a 56.9% increase in net revenue compared to the same period last year, reaching VND 3,848 billion. After deducting expenses, the company reported a pre-tax loss of VND 86.4 billion and an after- tax loss of VND 96.3 billion, while the losses in the same period last year were VND 77.1 billion and VND 81.2 billion respectively.

This year, the company plans for after-tax profit of 50 billion VND, a significant decrease compared to the 265 billion VND achieved in the same period last year. The company expects to distribute stock dividends in 2024 and 2025 at a rate of 30% of after-tax profit in the same year. After the first three months of the year, Loc Troi's business results are still quite far from the set target.

The management board stated that the company plans to raise long-term capital to build a rice mill with a capacity of 10,000 tons/day in Long An . The goal is to increase Loc Troi's total finished rice production capacity to 15,000 tons/day by 2028. In addition, the company will invest in exploiting rice by-products, especially straw and chaff, to replace fossil fuels. Loc Troi will also invest in low-emission farming processes to create commercially viable carbon certificates for the international market.

As of the end of March, the company's total assets increased slightly compared to the beginning of the year, reaching VND 11,912 billion. Liabilities amounted to over VND 8,938 billion, the majority of which were short-term liabilities. Equity was approximately VND 2,974 billion, and undistributed after-tax profit exceeded VND 914 billion.

Source: https://baodautu.vn/tap-doan-loc-troi-tiep-tiep-xin-hoan-cong-bo-bao-cao-tai-chinh-d223848.html