Real estate giants report constant losses after ransack In the first half of the year, businesses were embattled by the pandemic outbreak and its resurgence, leading to poor business results for businesses, especially after a review of their financial statements. Recently, ThuDuc House (HSX: TDH) reported VND20 billion ($870,000) in net losses, triple the amount in the company’s original financial statement. The statement explained that financial costs in the second quarter rose by 108 per cent on-year, while the company had yet to earn revenue from several released projects like Centum Wealth (which is expected to improve in the next quarters). Long Giang Land Corporation (HSX: LGL) has just announced its reviewed first-half financial statement, in which net loss increased 10-fold compared to the statement before review. Net revenue did not change much but costs rose sharply, resulting in VND25 billion ($1.1 million) in gross losses. Additionally, financial and corporate management costs have also been much higher, net loss also increased to VND58 billion ($2.5 million) from VND9 billion ($391,300) in the unreviewed financial statement. Dat Xanh Group (HSX: DXG) also reported VND488 billion ($21.2 million) in reviewed net losses for the first half of the year, while the figure was VND38 billion ($1.65… Read full this story
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