Thien Nam Import Export (TNA) has suffered losses for 3 consecutive quarters and is being forced to pay taxes.

TNA receives tax enforcement decision

Thien Nam Trading - Import Export Joint Stock Company (Code: TNA) has just announced that it has received a decision to enforce the administrative decision on tax management from the Tax Department of District 10, Ho Chi Minh City.

Specifically, TNA owed taxes and paid taxes late for more than 90 days from the tax payment deadline. The total amount of late taxes and late tax payment penalties was VND411.1 million. However, TNA said the company had remedied and paid the tax debt on October 8, 2024.

Thien Nam Import-Export Trading Joint Stock Company (TNA) has continuously suffered losses in the last 3 quarters and has been forced to pay more than 411 million VND in taxes (Photo TL)

Not only being reminded and forced about taxes, TNA has continuously encountered troubles in business operations recently.

For example, on September 16, 2024, TNA shares of Thien Nam Import-Export Trading were suspended from trading due to violations of information disclosure regulations.

Before being suspended from trading, TNA was put on the restricted trading list according to the decision dated May 17, 2024 of the State Securities Commission. The reason was that the company was late in submitting its 2023 audited financial statements beyond the prescribed deadline. Afterwards, despite being reminded by HoSE about the delay in disclosing information, the unit still failed to comply with the regulations.

Besides the delays related to information disclosure, Thien Nam Import-Export Trade is also recording not very bright business results.

3 consecutive quarters of losses, debt to equity

In the last 3 quarters, TNA has continuously suffered losses from business operations.

Specifically, in the fourth quarter of 2023, TNA achieved revenue of VND 753.3 billion, with a loss after tax of VND 2.5 billion. In the first quarter of 2024, the company only brought in VND 125.8 billion in revenue, and the loss after tax also increased to VND 8.2 billion.

In the most recent Q2/2024, TNA recorded revenue of VND 546.3 billion, down 65.4% over the same period, and after-tax loss also increased to VND 18.1 billion while in the same period it was making a profit of VND 2.5 billion.

Cumulative revenue in the first half of the year recorded 672 billion VND, down 77.3% compared to the same period. After-tax loss reached 26.3 billion VND while in the same period, it was still making a profit of 3.9 billion VND.

Regarding the capital structure of the enterprise, at the end of the second quarter of 2024, TNA recorded total assets of VND 2,264 billion. Of which, the payable debt accounted for VND 1,709 billion, equivalent to 75.5% of the total capital of the enterprise.

Short-term debt is also accounting for VND 1,697 billion, 3 times higher than equity at the end of the second quarter of 2024. This shows a significant risk in securing capital for TNA. Especially when this unit has been continuously losing money in recent business periods.

Source: https://www.congluan.vn/xuat-nhap-khau-thien-nam-tna-3-quy-lien-thua-lo-bi-cuong-che-ve-thue-post316139.html