FLC shares will trade on watch due to late financial statements

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The exchange said this was due to the company’s late submission of audited financial statements for 2021, which exceeded 30 days of the prescribed deadline.

Previously, at the end of April, FLC and two other shares of the FLC family – FLC Faros Construction JSC’s ROS shares and HAI Agrochem JSC’s HAI shares – had been placed on a warning list for the same reason. As a result, these companies released audited financial statements 15 days after the deadline.

Explaining the late submission, FLC said that Vietland Auditing And Consulting Company Limited is currently auditing its business results for 2021, but on March 30 it was suspended from auditing public interest units by the State Securities Commission of Viet Nam ( SSC).

Therefore, FLC’s 2021 financials have yet to be released and disclosed on time.

He rushes to find a new auditor on the approved list.

In its recent consolidated business results, FLC recorded revenue of over VND1.080 billion ($47.3 million) in the first quarter of 2022, down 58% year-on-year. Running the business at cost of goods sold caused the company a gross loss of over VND 14 billion, while it recorded a profit of over VND 108 billion during the same period of the year. last year.

During the period, its financial expenses suddenly tripled to VND 161 billion, mainly due to higher interest charges and provisions for investments.

FLC also suffered a loss of VND 265 billion due to investments in joint ventures and associates. As of March 31, FLC recorded a loss of over VND 651 billion in the aviation segment, currently holding 21.7% stake in Bamboo Airways.

As a result, FLC lost VND466 billion in the first quarter of this year, while it recorded a net profit of VND43 billion in the same period last year.

On the stock market, FLC and ROS both bottomed on Friday, while HAI fell 4.1%.

The price of FLC shares has lost more than 65% since hitting a high of 22,500 VND per share on January 7.

Source: VNS

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