Vinahud VHD reports loss

DNVN - Vinahud Housing and Urban Development Investment Joint Stock Company (stock code: VHD) has become the first real estate company to announce loss-making business results in the third quarter of 2025. Amid the difficult situation, VHD shares have also been put on the restricted trading list, only allowed to be bought and sold every Friday.

According to the consolidated business results report for the third quarter of 2025 recently released by Vinahud, the company's business continues to face many challenges. Revenue from sales and services reached only VND 7.59 billion, a significant decrease of nearly 86% compared to the same period in 2024. After deducting the cost of goods sold, the gross profit was only VND 711.5 million.

While revenue has shrunk, expenses remain a significant burden. Financial expenses for the period amounted to over 20.9 billion VND, of which interest expenses alone accounted for 21.94 billion VND. As a result, Vinahud recorded a pre-tax loss of 22.47 billion VND and an after- tax loss of 22.37 billion VND.

This marks the ninth consecutive quarter that Vinahud has been incurring losses, a trend that began in Q2/2023. For the first nine months of 2025, the company recorded a net loss of VND 79.77 billion. As of the end of Q2, Vinahud's accumulated losses had reached VND 347 billion.

Vinahud reported a pre-tax loss of VND 22.47 billion and an after- tax loss of VND 22.37 billion in the third quarter of 2025.

In its explanatory document submitted to the State Securities Commission, Vinahud stated that the reason for the losses was due to low revenue during the period, which was insufficient to cover operating expenses, especially bank interest expenses.

Compared to the same period last year, Vinahud's business results have improved. Specifically, the after-tax loss in Q3/2025 decreased by 56% compared to the loss of VND 51.23 billion in Q3/2024. For the first nine months of the year, the loss also decreased by more than 50% compared to the same period. This improvement mainly stems from the company's efforts to reduce financial and administrative expenses.

Regarding the stock situation, the Hanoi Stock Exchange (HNX) recently decided to place VHD shares under trading restrictions starting from October 27, 2025. This is due to the company's delay in submitting its audited semi-annual financial report for 2025 by more than 45 days. With this decision, VHD shares will only be traded on Fridays.

At its 2025 Annual General Meeting, Vinahud set ambitious targets of VND 248 billion in revenue and VND 12.7 billion in after-tax profit. However, based on the business results of the first nine months of the year, achieving this plan remains a long way off.

To address its financial difficulties, Vinahud is planning to divest its stake in the key Grand Mercure Hoi An project. This move aims to recover capital to settle its loan with TPBank , thereby reducing debt pressure and rebalancing its capital structure.

In addition, the Vien Nam Eco-Urban Area project in Hoa Binh has been essentially completed and is currently in the process of finalizing land procedures. Vinahud stated that it is actively promoting investment and development of the project, expecting to generate stable income for the company during the 2025-2027 period. However, given the current challenges, Vinahud's path to recovery is predicted to be fraught with difficulties.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/vinahud-vhd-bao-lo/20251024034112064