DNVN - Shares of Hoa Binh Construction Group Joint Stock Company (HBC) have been compulsorily delisted from the HoSE exchange by a decision issued by the Ho Chi Minh City Stock Exchange on July 26th. This information comes after HBC reported a profit of over 684 billion VND 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 announced that it has received the audited individual and consolidated financial statements for 2023 of Hoa Binh Construction and has published the information.
According to HoSE, 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 shall be delisted when one of the following cases occurs: e) the company's production and business results show losses for three consecutive years or the total accumulated losses exceed the actual contributed charter capital or negative equity in the audited financial statements of the most recent year before the time of consideration.”
Shares of Hoa Binh Construction Group Joint Stock Company (HBC) are subject to mandatory delisting.
According to HBC's consolidated audited financial report for 2023, the company's after-tax profit distributed 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 2nd, HoSE sent a reminder letter to HBC stating that if a listed company fails to submit its audited annual financial statements for three consecutive years, it will be delisted. At that time, HBC shares were under supervision due to violations of failing to submit audited annual financial statements for two consecutive years.
In a subsequent statement, HBC said that this was merely a reminder from HoSE that the company needed to submit its audited financial statements for 2023 on time. The company affirmed that it would strictly comply with the regulations and avoid the risk of HBC shares being delisted.
"Currently, the group is striving to complete the audited financial statements for 2023 ahead of schedule. HBC has implemented measures to address the delay in completing the audited financial statements and is committed to preventing any risks from occurring in ensuring the deadline for submitting the audited financial statements for 2023," HBC stated.
HBC shares were moved from the restricted trading category to the controlled trading category on January 19th because the company rectified the restricted trading status as required by regulations. However, HBC has not yet met the regulations regarding the listing and trading of listed securities.
Regarding its Q2/2024 business results, HBC announced revenue from financial activities reached VND 46.1 billion, a twofold increase compared to the same period last year. This was due to the successful transfer of assets to Matec Construction Machinery Co., Ltd. (a subsidiary) and Anh Viet Mechanical and Aluminum Glass Joint Stock Company (an associate company).
HBC recorded after-tax profit of VND 684.4 billion, a significant improvement compared to the negative profit of VND 260 billion in the same period of 2023. Cumulative after-tax profit for the first six months of 2024 reached VND 740.9 billion.
"The majority of the improvement came from reduced business management costs due to the reversal of provisions for doubtful receivables, increased customer debt collection during the period, and reduced salaries and related expenses due to successful restructuring. This increased profits compared to the same period in 2023. Other profits increased from the sale of machinery and equipment to external parties," HBC stated.
According to the Q2/2024 financial report, HBC's total assets reached over VND 15,632 billion, a slight increase compared to the previous quarter. Net profit from business operations was recorded at over VND 212 billion, while interest expenses decreased by more than VND 45 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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