Thuduc House lost another 365 billion dong after the audit

Thu Duc Housing Development Joint Stock Company (Thuduc House, TDH) has just announced its audited consolidated financial statements for 2021 with a sharp increase in net loss.

The biggest change is in financial performance. This business recorded a revenue increase of more than 30% to 260 billion, but the expense was more than 6 times higher than the pre-audit report, at nearly 440 billion dong. This result made Thuduc House’s financial activities lose more than 220 billion dong, compared to the profit of more than 80 billion dong in the independent report.

In the explanation, the enterprise said that the increase was due to the recognition of additional losses from the liquidation of investments after the re-evaluation and at the same time increased provision for devaluation.

Other expenses also doubled, reaching 742 billion VND due to the recognition of all refunded value added taxes and fines for late tax payment under the decision from the Tax Department of Ho Chi Minh City.

Due to the sudden increase in post-audit expenses, Thucduc House’s net loss increased from 524 billion dong to more than 890 billion dong, bringing the total accumulated loss by the end of the year to nearly 700 billion dong.

Thuduc House’s falling business will be a challenge for the new management of this business. At the end of March, the Board of Directors of the company approved the resignation of Mr. Lu Minh Son from the chairmanship and appointed Mr. Duong Ngoc Hai to replace him from March 22.

Mr. Hai, previously, held the position of Vice Chairman of the Board of Directors of TDH, appointed from December 2021.

In a short time, many key personnel of this enterprise were changed. In early February, Mr. Le Chi Hieu, who had held a leadership role at Thuduc House for nearly three decades, resigned due to health reasons. Immediately after that, two deputy general directors and one member of the Board of Directors all submitted their resignations. In which, Mr. Le Chi Thu Khoa, Mr. Hieu’s younger brother, also left on March 1.

Minh Son