Gazumped by cash buyer

A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). PDR reported net revenue of VND14.6 billion (US$622,600) in the last 3 months of 2022. — VNA/VNS Photo A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of VND14.6 billion (US$622,600) in the last three months of 2022, a sharp decrease compared to the VND1.29 trillion recorded in the fourth quarter of 2021. The company suffered an after-tax loss of VND229.4 billion in Q4 of 2022, while in the same period in 2021, it reported a net profit of VND751.4 billion. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of VND460 billion in the last quarter of 2022. During the period, the company's net revenue … [Read more...] about Volatile real estate market puts pressure on business results

The property market and corporate lending are key issues that need to be addressed, and the Cabinet has scheduled a meeting of ministers this month to resolve current issues, he told a meeting Thursday. The property market accounts for around 11% of GDP and has a close relationship with many industries that create a large number of jobs. But since last year it has been facing difficulties due to tightened credit, excessive supply and lack of transparency. Many projects have been suspended due to a cash shortage. Chinh warned the economy faces risks this year with exports seeming to slow down while the industrial production index in January declined by 8% year-on-year. It is difficult to attract foreign investment, while recovery programs have been delayed, he said. He called on the Ministry of Finance to quickly complete a bill that will amend regulation of bond issuances, both domestically and internationally. Work on large public projects needs to be accelerated to … [Read more...] about PM calls for fixing property market ills

SABECO spends $42 million on cash dividend advances According to its latest financial statement, in the fourth quarter of 2022, SABECO reported revenue of more than $439 million, a sharp increase compared to the first three quarters of 2022 and up 11.4 per cent on-year. Sales expenses increased by more than 70 per cent on-year to $70 million, mainly in the form of advertising, marketing, and promotions. Therefore, SABECO's after-tax profit stood at $46.8 million, down 23 per cent on-year. Throughout 2022, SABECO's net revenue reached $1.53 billion, an increase of nearly 33 per cent compared to 2021, equivalent to an average of more than $4.2 million per day. After-tax profit reached $239 million, the highest since the brand belonged to Thai owners at the end of 2017. SABECO set a revenue target of $1.5 billion and an after-tax profit of $200 million for the year. With the above results, the company has exceeded the target set forth in 2022. The brewer's total assets at … [Read more...] about SABECO gains peak profits over the last six years

Indonesia mulls reducing tax on EVs sales to 1% (Photo: AFP/VNA) Jakarta (VNA) – Coordinating Ministry of Maritime Affairs of Indonesia said it is considering reducing the value-added tax on electric car sales from 11% to 1% to drive up demand and attract investment. Septian Hario Seto, a senior official of the ministry, said the country has a target of having at least 1.2 million electric motorcycles and 35,000 electric cars in use by 2024. He revealed the government will give a cash incentive of 7 million rupiah (467.6 USD) for every electric motorcycle sold until sales reach a certain volume that is still under discussion. However, the planned incentives may only be available for electric vehicles (EVs) that are at least 40% locally-made. The official said the local content percentage will be increased further to 60% and more in the time ahead. The regulation laying out incentives for EVs is expected to be issued next week./. VNA … [Read more...] about Indonesia mulls reducing tax on EVs sales to 1%