DNVN - HBC shares of Hoa Binh Construction Group Joint Stock Company have just been delisted from the HoSE according to the decision of the Ho Chi Minh City Stock Exchange issued on July 26. This information was released after HBC reported a profit of more than VND 684 billion in the second quarter of 2024.
On July 26, the Ho Chi Minh City Stock Exchange (HoSE) issued a decision to compulsorily delist HBC shares of Hoa Binh Construction Group Joint Stock Company.
HoSE said it has received the separate and consolidated audited financial statements for 2023 of Hoa Binh Construction and has made information disclosure.
According to HoSE, the announcement of the decision to compulsorily delist HBC shares of Hoa Binh Construction Group Joint Stock Company is based on the provisions of Point e, Clause 1, Article 120 of Decree No. 155: “Shares of a public company are delisted when one of the following cases occurs: e) Production and business results are losses for 3 consecutive years or the total accumulated loss exceeds the actual contributed charter capital or negative equity in the audited financial statements of the most recent year before the time of review”.
HBC shares of Hoa Binh Construction Group Joint Stock Company are subject to mandatory delisting.
According to HBC's 2023 consolidated audited financial report, the company's distributed profit after tax as of December 31, 2023 was negative VND 3,240 billion, exceeding the company's actual contributed charter capital of VND 2,741 billion.
Previously, on February 2, HoSE sent a letter reminding HBC that if the listed organization is late in submitting audited financial statements for 3 consecutive years, it will be delisted. At this time, HBC shares are under control due to the violation of late submission of audited financial statements for 2 consecutive years.
In a later announcement, HBC said that this was just a reminder from HoSE that the company needed to pay attention to submitting its audited financial statements for 2023 on time. The company affirmed that it would strictly comply with the regulations and not let the risk of HBC shares being delisted.
"Currently, the group is making efforts to complete the 2023 audited financial report ahead of schedule. HBC has implemented measures to overcome the delay in completing the audited financial report and is committed to not letting any risks occur in ensuring the deadline for submitting the 2023 audited financial report," HBC stated.
HBC shares have been transferred from restricted trading to controlled since January 19 because the company has overcome the situation of restricted trading securities according to regulations. However, HBC has not yet met the regulations on listing and trading of listed securities.
Regarding the business results of the second quarter of 2024, HBC announced that its revenue from financial activities reached 46.1 billion VND, 2 times higher than the same period last year. The reason comes from the successful transfer to Matec Construction Machinery Company Limited (member company) and Anh Viet Mechanical and Aluminum Glass Joint Stock Company (affiliated company).
HBC recorded a profit after tax of VND 684.4 billion, a significant improvement compared to the negative profit of VND 260 billion in the same period in 2023. Accumulated profit after tax in the first 6 months of 2024 reached VND 740.9 billion.
"Most of the improvement came from a decrease in business management costs due to the reversal of provisions for receivables, during the period HBC increased customer debt collection, salary costs and related costs decreased due to the success of restructuring. This increased profits compared to the same period in 2023. Other profits increased from the sale of machinery and equipment to outsiders," HBC said.
Also according to the financial report for the second quarter of 2024, HBC's total assets were over VND15,632 billion, a slight increase compared to the previous quarter. Net profit from business activities was recorded at over VND212 billion, interest expenses decreased by over VND45 billion.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/vua-bao-lai-dat-dinh-hbc-nhan-tin-xau-/20240727060204249
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