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The FLC brand on the doorway of the FLC Twin Tower. Picture by FLC Group
Property firm FLC suffered a lack of VND465 billion (US$19.85 million) within the first quarter, its greatest loss within the final two years.
Its undistributed income have gone down from VND2.1 trillion to VND1.6 trillion consequently.
The corporate administration mentioned there have been 4 major causes for the loss: Its contraction of the industrial enterprise, delay in building and handover of actual property merchandise and a decline in resort revenues because of Covid-19, and better bills associated to new investments.
First-quarter revenues declined by greater than half year-on-year to VND1.09 trillion.
Curiosity and gross sales bills elevated sharply, whereas the corporate’s joint ventures suffered a lack of practically VND265 billion, making it inconceivable for FLC to realize income.
The monetary report additionally mentioned that the police are investigating former chairman Trinh Van Quyet and former vice-chairman Huong Tran Kieu Dung for manipulating the inventory market.
The administration mentioned whereas it’s a private matter of the 2, it will “assess dangers fastidiously to make selections which might be appropriate for the enterprise”.
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