Another company fined for late release of financial reports

Recently, the Chief Inspector of the State Securities Commission has issued a decision on administrative sanctions against Urban Design and Development Consulting Joint Stock Company (UPCoM: CDO), located at No. 194 Buoi Street, Cong Vi Ward, Ba Dinh District, Hanoi City.

Accordingly, CDO had to pay VND 85 million, according to the provisions of Point a, Clause 4, Article 42 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government stipulating administrative sanctions for violations in the field of securities and the securities market due to failure to disclose information that must be disclosed according to the provisions of law.

Specifically, the company did not disclose information on the information disclosure system of the State Securities Commission, on the electronic information page of the Hanoi Stock Exchange (HNX) and the company's documents: Audited semi-annual financial statements for 2022; Audited financial statements for 2022.

Previously, on May 22, 2023, the Hanoi Stock Exchange (HNX) also decided to maintain CDO shares under restricted trading on the UPCoM trading system, due to the delay in submitting the 2022 semi-annual financial report and the 2022 audited financial report for more than 45 days.

Finance - Banking - Another company fined for late publication of financial reports — CDO stock performance in recent times (Source: TradingView).

On June 23, 2023, CDO shares will officially be traded again on UPCoM. Notably, from the beginning of the session on June 23, the price of this stock increased to the ceiling from VND 1,400/share to VND 1,600/share, and maintained until the end of the session with a trading volume of 465,306 shares. However, compared to the increase in the past, the market price of CDO shares is only 52% away from the lowest level in May 2023.

Urban Design and Development Consulting Joint Stock Company is a design and construction company. CDO specializes in designing and constructing multi-million dollar office building, apartment, hotel, and resort projects.

The company has designed a series of famous projects such as the 4-star Candle Hanoi Hotel, Cung Xuan Event Center, CDC Office Building Complex, Phoenix My Dinh Hotel, etc.

Regarding the financial picture, at the end of the first quarter of 2023, the revenue of Urban Design and Development Consulting reached 5.34 billion VND, an increase of 458.35% over the same period, however, the cost of goods sold also increased significantly by 70.34% over the same period, reaching more than 5 billion VND, leading to a gross profit of 360 million VND, while in the same period it was negative by nearly 2 billion VND. As a result, the company's after-tax profit reached 0.91 billion VND, an increase of 112.49% over the first quarter of 2022 .

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