Hung Vuong Joint Stock Company (HVG)’s consolidated audit statement for the fiscal year 2016-2017 has reported a negative after-tax profit of VND705 billion ($31 million) instead of the VND63 billion ($2.8 million) self-reported profit figure. HVG’s audited financial statement shows a far different picture from the unaudited version HVG’s revenue was VND15.514 trillion ($683.4 million), a 13 per cent reduction compared to 2016, including VND14.435 trillion ($636 million) of total expenses and VND1.079 trillion ($47.5 million) of profit. Revenue from processed fisheries and acquaculture products hit VND7.311 trillion ($322 million), accounting for 47 per cent of the total revenue. Revenue from financial activities was nearly VND100 billion ($4.4 million), up VND11 billion ($0.5 million) on-year, while expenses were over VND478 billion ($21 million), reducing VND35 billion ($1.54 million) on-year. In 2017, the company also spent over VND756 billion ($33.3 million) on enterprise management costs, 2.8 times as much as in 2016, as the company allocated reserves of over VND566 billion ($25 million) for bad debts. Up to the end of September 2017, the total payable amount was VND11.38 trillion ($501.2 million) including VND10.678 trillion of short-term debts, exceeding the short-term assets of VND9.868 trillion ($434.7 million). Based on ineffective financial indicators, the auditing agency is very doubtful about HVG’s operations. Responding to the audit statement, HVG has announced that the parent company’s after-tax profit was negative VND580.8 billion ($25.6 million) after the audit due to gross profit adjustment and increasing expenses. Gross profit decreased by VND63.6 billion ($2.8 million) because… [Read full story]
Hanoi T&T in top spot, Ninh Binh suffer heavy loss Quang Ninh Coal lead First Division despite draw By Vu Duc - The Saigon Times HCMC - The second round of the Super League – Eximbank 2012 witnessed an impressive performance of Hanoi T&T as they defeated Becamex Binh Duong 1-0 on Sunday, gaining the most points and securing the top spot after two games. Meanwhile, the stronger teams continued to show poor performance from the beginning of the new season when Ninh Binh suffered a 4-0 loss to Khatoco Khanh Hoa, while SHB Danang and Saigon FC shared the…... [read more]
The ongoing 'dead shrimp' phenomenon is causing a great deal of damage to farmers in the Mekong Delta, estimated at about VND1trillion (US$48 million). The hardest hit provinces of Soc Trang, Bac Lieu, Kien Giang, Tra Vinh and Ben Tre are suffering the severest losses with thousands of hectares faced with dying and diseased shrimps. Vo Van Choi, deputy chairman of the People's Committee of Ngoc To Commune in My Xuyen District of Soc Trang Province said that 85-90 percent of the 800 hectares under shrimp farming has had to cope with dead shrimps since the middle of March. Although…... [read more]
NTC fighters regrouped on Friday for a new assault on Moamer Kadhafi's hometown Sirte, remaining upbeat despite suffering heavy losses the previous day at the hands of the toppled tyrant's forces. The fighting comes as Kadhafi's spokesman warned that "thousands" of loyalists were ready to battle the National Transitional Council combatants, while accusing France and Britain of scrambling to plunder Libya's riches. The NTC military said 11 fighters were killed and 34 wounded in a first assault on Sirte launched before sunset on Thursday, and that 40 Kadhafi loyalists had been captured. An AFP correspondent said NTC fighters were fired…... [read more]
VietNamNet Bridge - Only 18 per cent of Viet Nam's listed companies reported first-half losses, but some of these ran into hundreds of billions of dong with maritime transport and mining businesses the hardest hit. PetroVietnam Construction (PVX) led the misery with a heavy loss of VND366bil (US$17.4mil) to the end of June.—Illustrative image By the beginning of August, roughly 400 firms had reported their consolidated financial statements for the second quarter and half year. Over 70 companies incurred losses, data from VNDirect Securities and website VnExpress showed. PetroVietnam Construction (PVX) led the misery with a heavy loss of VND366…... [read more]
Many farmers in northern Hai Duong Province have suffered losses after planting a tomato variety that failed to bear fruits after months. — Photo tintucnongnghiep HAI DUONG (VNS)— Many farmers in northern Hai Duong Province have suffered losses after planting a tomato variety that failed to bear fruits after months. Vo Van Thanh, a farmers in Ai Quoc Ward, said he had purchased the tomato variety from a local agricultural product shop to plant in his 1,440sq.m plot.Over a month, the tomato plants grew rapidly to a height of one metre. However, they yielded few fruits. "The plants are barren.…... [read more]
