In a recent dispatch sent to the State Securities Commission (SSC) and the Hanoi Stock Exchange (HNX) requesting a temporary postponement of the announcement of the financial report for the second quarter of 2024, Chairman of the Board of Directors of Loc Troi Group Joint Stock Company Huynh Van Thon said that the company is facing a number of force majeure events, leading to the inability to announce the financial report for the second quarter of 2024 on time.

Specifically, the company is facing some force majeure events that require it to increase the stability of its operating capital flow, and the entire company must focus on handling immediate financial issues.

According to Mr. Thon, the company's 2024 Annual General Meeting of Shareholders will be held later than previous years. Moreover, after the General Meeting, the company encountered some personnel changes, changing some key personnel. This has affected the progress of synthesizing and providing data to complete the second quarter financial report on time as prescribed.

Therefore, Loc Troi requests the State Securities Commission and HNX to consider and approve the postponement of the announcement of the second quarter financial report of this year until August 30, 2024.

Loc Troi said it is facing some force majeure events, leading to the inability to publish the financial report for the second quarter of 2024 on time.

Previously, on July 16, after dismissing Mr. Nguyen Duy Thuan from the position of General Director, Mr. Thon sent an open letter to relevant organizations and individuals stating that he would directly direct and manage all activities of the Group until a decision was made to appoint a new General Director.

Mr. Thon affirmed that Loc Troi Group is still in a difficult period and hopes to receive support from all parties, especially banks, to help Loc Troi have enough financial resources, stabilize production and business in the last 6 months of 2024 and the following years in a sustainable manner.

Regarding the production and business results of the first quarter of 2024, the separate financial report shows that LTG achieved net revenue of VND 3,223 billion, an increase of 47% over the same period last year, but after-tax profit was a negative loss of VND 158.6 billion, a decrease of 186% compared to the first quarter of 2023.

According to the consolidated financial report for the first quarter of 2024, LTG's net revenue was VND3,848 billion, up 57% over the same period last year. Profit after tax was negative VND96.2 billion, down 19% over the same period last year.

According to Loc Troi's explanation of the above loss-making business results, with its separate financial statements, due to the cost of goods sold increasing faster than the increase in revenue, and at the same time, some other expenses incurred during the period were large such as interest expenses, losses due to exchange rates, so the profit after tax was negative.

Also according to Loc Troi, due to some increased costs such as input material costs, interest expenses, and exchange rate losses, the after-tax profit in the consolidated business results report was at a loss.

Loc Troi said that although net revenue increased by more than VND 1,000 billion, equivalent to an increase of 47% over the same period last year, due to the cost of goods sold increasing faster (up 56%), after-tax profit was eroded by VND 103 billion compared to the first 3 months of 2023.

In the consolidated financial report, because the ratio of cost of goods sold to net revenue this year is higher than the same period (cost of goods sold increased by 65% ​​compared to the same period while revenue only increased by 57%), at the same time, interest expenses and losses due to exchange rates increased faster than the increase in other revenue/income, so profit after corporate income tax decreased by more than 10% compared to the same period last year.

Thu An