Property company FLC suffered a loss of VND465 billion (US$19.85 million) in the first quarter, its biggest loss in the last two years.
Its undistributed profits have gone down from VND2.1 trillion to VND1.6 trillion as a result.
The company management said there were four main reasons for the loss: Its contraction of the commercial business, delay in construction and handover of real estate products and a decline in resort revenues as a result of Covid-19, and higher expenses related to new investments.
First-quarter revenues declined by more than half year-on-year to VND1.09 trillion.
Interest and sales expenses increased sharply, while the company’s joint ventures suffered a loss of nearly VND265 billion, making it impossible for FLC to achieve profits.
The financial report also said that the police are investigating former chairman Trinh Van Quyet and former vice-chairman Huong Tran Kieu Dung for manipulating the stock market.
The management said while it is a personal matter of the two, it would “assess risks carefully to make decisions that are suitable for the business”.
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