VTVcab divested all of its more than 100,000 shares, equivalent to 50.1% of VTVcab Sport's charter capital, at the end of November.
The Vietnam Cable Television Corporation (VTVcab, CAB) has announced the completion of its divestment. Accordingly, VTVcab Sport Development Company (VTVcab Sport) is no longer a subsidiary of VTVcab as of November 28th.
VTVcab Sport was established on December 1, 2017, with the goal of becoming the leading sports marketing company in Vietnam. According to its introduction, the company manages five sports channels: Bóng đá TV, Thể thao TV, On Sports, On Golf, and Thể thao tin tức.
Following the divestment transaction, VTVcab now has two subsidiaries: Viet Thanh Technology Joint Stock Company and VTVcab Telecommunications Infrastructure One-Member Limited Liability Company.
Recently, VTVcab also recorded changes in its senior management. Mr. Hoang Ngoc Huan submitted his resignation as chairman and member of the Board of Directors, following a reassignment from Vietnam Television (VTV). He has been replaced by Mr. Vu Quang Tao.
In the third quarter, VTVcab's revenue decreased by 18% compared to the same period last year, to 516 billion VND. The company stated that increasingly difficult business conditions during the quarter led to a decrease in revenue and profits for both the channel and its subsidiaries. The company incurred a net loss of over 25 billion VND, compared to a profit of over 2.4 billion VND in the third quarter of 2022.
For the first nine months of the year, VTVcab incurred a loss of over 18 billion VND, compared to a profit of over 30 billion VND in the same period last year. Total assets at the end of the third quarter were recorded at over 1,900 billion VND.
Minh Son
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