Hoang Anh Gia Lai Joint Stock Company (Code: HAG) has just announced a delay in paying the interest of VND 137 billion on September 30, 2024 of the HAGLBOND16.26 bond lot. The reason given is that the company has not collected enough money from the debt of Hoang Anh Gia Lai International Agriculture Joint Stock Company (Code: HNG) and has not paid for some of the company's assets.

Also according to HAGL's announcement, the accumulated late payment amount as of September 30, 2024 is VND 3,486 billion. The accumulated late principal amount as of September 30, 2024 is VND 1,015 billion. The expected payment date for the remaining amount is in the fourth quarter of 2024.

HAGLBOND16.26 is a bond lot issued on December 30, 2016 with a total value of VND 6,596 billion to restructure the principal and interest arising from Hoang Anh Gia Lai's debts. The bond lot has a term of 10 years, paying interest quarterly at an interest rate of 9.7%/year.

Regarding business activities, in the first 6 months of the year, HAG recorded revenue of VND2,762 billion, down 12% compared to the same period. Meanwhile, net profit reached VND478 billion, up 25% compared to the previous year.

Compared to the plan set at the beginning of the year with net revenue of VND 7,750 billion and profit after tax of VND 1,320 billion, HAG has only completed 36% of the revenue target and 38% of the annual profit plan after 6 months.

Recently, HAG has also been questioned by auditors about its ability to continue operating because the company had an accumulated loss of more than VND 957 billion at the end of the second quarter of 2024. At the same time, short-term debt is also higher than short-term assets, showing risks in the unit's capital management.