Novaland Q4 profit soars to three-year high

Revenues declined by 37% to VND2.03 trillion.

In December the company managed to restructure bonds worth $300 million by rolling some of them over and converting others to equity.

The restructuring helped reduce pressure and boost recovery, its management said.

For the full year Novaland reported a 69% decline in profits to VND685 billion. Revenues were down 57% to VND4.76 trillion.

The majority of revenues came from selling units at resort and entertainment complexes NovaWorld Phan Thiet and NovaWorld Ho Tram besides some residential projects.

The profits, which were three times the targeted figure, came mostly from restructuring debts and financial activities, it said without offering an explanation.

Last year the southern property developer went through major financial difficulties amid a market slump.

Its CFO, Duong Van Bac, told Prime Minister Pham Minh Chinh in November that the company had overcome its most difficult period and completed 80% of the proposed restructuring.