FLC shares will trade on watch due to late financial statements

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VIETNAM, May 6 – Headquarters of the FLC group in Hà Nội. Photo VNA/VNS

HÀ NỘI — The Hồ Chí Minh Stock Exchange (HoSE) has just issued a decision to transfer FLC Group (FLC) FLC shares from a warning to the watch list from May 12.

The exchange said this was due to the company’s late submission of audited financial statements for 2021, which exceeded 30 days of the prescribed deadline.

Previously, at the end of April, FLC and two other shares of the FLC family – FLC Faros Construction JSC’s ROS shares and HAI Agrochem JSC’s HAI shares – had been placed on a warning list for the same reason. As a result, these companies released audited financial statements 15 days after the deadline.

Explaining the late submission, FLC said that Vietland Auditing And Consulting Company Limited is currently auditing its 2021 business results, but on March 30 it was suspended from auditing public interest units by the State Securities Commission of Việt Nam (SSC ).

Therefore, FLC’s 2021 financials have yet to be released and disclosed on time.

He rushes to find a new auditor on the approved list.

In its recent consolidated business results, FLC reported revenue of over VN1,080 billion ($47.3 million) in the first quarter of 2022, down 58% year-over-year. . Running the business at cost of goods sold caused the company a gross loss of over VNĐ14 billion, while it recorded a profit of over VNĐ108 billion during the same period of the year. last year.

During the period, its financial charges suddenly increased three times to VNĐ161 billion, mainly due to higher interest charges and provisions for investments.

FLC also incurred a loss of VNĐ265 billion due to investments in joint ventures and associates. As of March 31, FLC recorded a loss of more than VN651 billion in the aviation segment, currently owning 21.7% of the capital of Bamboo Airways.

As a result, FLC lost VNĐ466 billion in the first quarter of this year, while it recorded a net profit of VNĐ43 billion in the same period last year.

On the stock market, FLC and ROS both bottomed on Friday, while HAI fell 4.1%.

The price of FLC shares has lost more than 65% since hitting a high of 22,500 VNĐ per share on January 7. VNS

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