Vinahud (VHD) is the first real estate company to report a loss in the third quarter.

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 just announced by Vinahud, the company's business situation continues to face many challenges. Sales and service revenue reached only 7.59 billion VND, a serious decrease of nearly 86% compared to the same period in 2024. After deducting cost of goods sold, gross profit was only 711.5 million VND.

While revenue “shrinks”, expenses are still a big burden. Financial expenses in the period amounted to more than 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 a post-tax loss of 22.37 billion VND.

This is the 9th consecutive quarter that Vinahud has been in a loss, lasting from the second quarter of 2023. In the first 9 months of 2025, the company's accumulated loss after tax was 79.77 billion VND. At the end of the second quarter, Vinahud's accumulated loss had reached 347 billion VND.

Vinahud suffered a pre-tax loss of VND22.47 billion and a post-tax loss of VND22.37 billion in the third quarter of 2025.

In an explanatory document sent to the State Securities Commission, Vinahud said the reason for the loss was due to low revenue during the period, not enough to cover operating expenses, especially bank loan interest expenses.

Compared to the same period last year, Vinahud's business results have improved. Specifically, the loss after tax in the third quarter of 2025 decreased by 56% compared to the loss of VND 51.23 billion in the third quarter of 2024. Accumulated in the first 9 months of the year, the loss also decreased by more than 50% compared to the same period. This improvement mainly comes from the company's efforts to reduce financial costs and business management costs.

Regarding the stock situation, recently, the Hanoi Stock Exchange (HNX) decided to put VHD shares under trading restrictions from October 27, 2025. The reason is that the company is 45 days late in submitting its audited semi-annual financial report for 2025. With this decision, VHD shares can only be traded on Fridays every week.

At the 2025 Annual General Meeting of Shareholders, Vinahud set an ambitious target of VND248 billion in revenue and VND12.7 billion in profit after tax. However, with the business results of the first 9 months of the year, the road to completing this plan is still very far.

To solve financial difficulties, Vinahud is planning to divest capital from the key project Grand Mercure Hoi An. This move is to recover capital to pay off the loan at TPBank , thereby reducing debt pressure and rebalancing the capital structure.

In addition, the Vien Nam Eco-Urban Area project in Hoa Binh has basically been completed and is in the process of completing land procedures. Vinahud said it is actively promoting investment and project development work, expecting to create a stable source of income for the company in the period 2025-2027. However, with the current challenges, Vinahud's recovery path is expected to be full of obstacles.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/vinahud-vhd-la-doanh-nghiep-bat-dong-san-dau-tien-bao-lo-quy-iii/20251024034112064