Tasco Land increased capital by 550 billion VND

According to Tasco, this capital contribution is to help Tasco Land implement business activities and projects. Tasco currently owns 100% of the capital in this real estate enterprise.

Previously, Tasco also contributed an additional VND 100 billion to Tasco Land in October last year. This move is part of the BOT tycoon's corporate restructuring strategy. In early 2022, Tasco approved the plan to establish Tasco Land with the orientation of focusing on managing and developing a chain of 5-star hotels and resorts, as well as effectively exploiting the company's available land fund and within the ecosystem.

Tasco Land has also invested in NVT Holdings, the parent company of Ninh Van Bay Real Estate Tourism Joint Stock Company. Ninh Van Bay is the owner of several high-end resorts such as Six Senses Ninh Van Bay and Ana Mandara Da Lat. Tasco indirectly owns Ninh Van Bay through Tasco Land because NVT Holdings holds more than 94% of the capital at Ninh Van Bay.

In the first quarter of this year, Tasco achieved revenue of more than 295 billion VND, an increase of 23% over the same period in 2022. However, the company's profit was less than 1 billion VND, while in the same period, it recorded a profit of more than 88 billion VND.

Parent company Tasco Land said that its first-quarter revenue increased largely thanks to BOT road toll collection and non-stop toll collection. However, profits still fell sharply because financial revenue decreased by more than VND100 billion, and the company no longer had sources of revenue from divestment like last year.

Anh Tu