FLC shares to trade under supervision due to late financial statement

The Ho Chi Minh Inventory Alternate (HoSE) simply launched a call to switch FLC shares of FLC Group (FLC) from a warning to the underneath supervision checklist ranging from Could 12.

The change stated it was as a result of firm’s late submission of the audited monetary assertion for 2021, which exceeded 30 days of the prescribed time.

Beforehand, on the finish of April, FLC and two different shares of the FLC household – ROS shares of FLC Faros Development JSC and HAI shares of HAI Agrochem JSC – had been placed on a warning checklist for a similar motive. Accordingly, these corporations launched the audited monetary statements 15 days later than the deadline.

Explaining the late submission, FLC stated that Vietland Auditing And Consulting Firm Restricted is at the moment auditing its 2021 enterprise consequence, however on March 30, it was suspended to audit for models with public advantages by the State Securities Fee of Viet Nam (SSC).

Due to this fact, FLC’s 2021 monetary assertion has but to be launched and disclosed on time.

It’s speeding to discover a new auditor on the permitted checklist.

In its latest consolidated enterprise consequence, FLC posted income of greater than VND1.08 trillion (US$47.3 million) within the first quarter of 2022, down 58 per cent year-on-year. Working enterprise underneath the price of items bought induced the corporate a gross lack of over VND14 billion, whereas it recorded a revenue of greater than VND108 billion in the identical interval of final yr.

In the course of the interval, its monetary bills all of the sudden surged thrice to VND161 billion, primarily attributable to rises in curiosity prices and provisions for investments.

FLC additionally suffered a lack of VND265 billion due to funding in joint ventures and associates. As of March 31, FLC posted a lack of greater than VND651 billion from the aviation section, at the moment holding 21.7 per cent capital in Bamboo Airways.

In consequence, FLC misplaced VND466 billion within the first quarter of this yr, whereas it posted a internet revenue of VND43 billion in the identical interval final yr.

On the inventory market, FLC and ROS each hit the ground costs on Friday, whereas HAI declined by 4.1 per cent.

FLC shares costs have misplaced greater than 65 per cent since hitting the height of VND22,500 per share on January 7. 

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