HCMC – No Va Land Investment Group Corporation (Novaland) put its net losses at VND210 billion in the second quarter of 2023 but expects to return to profitability in the third quarter, according to a recent announcement.
Novaland’s business performance improved in April-June. Its consolidated net revenue stood at over VND1 trillion, compared to VND604 billion in the previous quarter. Its net losses in the quarter totaled VND210 billion, down from VND410 billion losses in the first quarter.
Its revenue comprised VND927 billion from real estate sales and VND113 billion from services, doubling the figures recorded in the first quarter.
Regarding debt restructuring, the company had swapped debt totaling VND600 billion for assets by June 30. The housing developer also extended the maturity dates of two bond lots valued at a combined VND2.3 trillion and adjusted the terms of 21 bond lots totaling VND7 trillion.
For the second half of 2023, Novaland plans to focus on project development and delivery, aiming to achieve after-tax profit of VND310 billion and VND515 billion in the third and fourth quarters, respectively.
The real estate developer said it would continue talks with lenders and bondholders to seek due date extensions or swaps of debt for assets.
Its NVL shares took the lead by liquidity on the southern market today, with a matching volume of 53.1 million shares, yet they ended the day down 5.57% to VND17,800 per share.
Losers outnumbered winners by 310 to 156 on the Hochiminh Stock Exchange. The VN-Index fell 5.34 points, or 0.44%, to close at 1,217.56 points.
Trading volume edged up over 6% day-on-day to more than 1.28 billion shares. Trading value also improved by nearly 10% at VND26.4 trillion. Block deals contributed around VND1.5 trillion, with 74.2 million shares changing hands.
VIC emerged as a strong support to the main index, gaining 6.9% to close at VND58,900 per share, contributing four positive points to the benchmark index.
Another key stock, BID, added approximately 1.5 positive points to the VN-Index, closing at VND48,200 per share with a 2.1% increase.
However, many bluechip stocks came under profit-taking pressure. PDR slid 3.9% to VND20,850 per share. MWG, SSI, VNM, BCM and HPG faced declines of between 2.5% and 3.7%.
On a positive note, several small- and medium-cap stocks performed well, with VCG, PHC, AGM and MHC closing at their daily upper limits.
The profit-taking pressure hit real estate and construction stocks hard, resulting in many stocks, including CTD, EVG, HPX, TDG and LGC, plunging to their lower daily trading limits. Other stocks, such as TCD, HBC, TDC, DLG and IBC, saw drops of over 5%.
On the Hanoi Stock Exchange, the HNX-Index closed down 0.21 points, or a fractional 0.09% compared to the previous session, at 239.35 points, with 72 stocks rising and 125 others declining.
Trading value on the northern bourse amounted to VND2.6 trillion with over 147.1 million shares changing hands.
Source: The SaigonTimes