A real estate business still exceeds its profit target for the whole year after 6 months
Da Nang Housing Development Investment Joint Stock Company (stock code NDN) has just announced its financial statements for the second quarter of 2023 with net revenue increasing from more than 1 billion dong to 97 billion dong.
After deducting cost and expenses, they earned 61 billion dong in the second quarter. Meanwhile, in the same period last year, this real estate business lost 114 billion dong.
Da Nang Housing Development Investment Joint Stock Company (stock code NDN) has just announced its financial report for the second quarter of 2023 with revenue. According to the business, the reason for the sharp increase in profit is due to the transfer of Monarchy project Block B apartments.
Da Nang House recorded a financial revenue increase of nearly 36%, 13.34 billion VND , financial expenses recorded a negative 9.72 billion VND , in the same period financial expenses amounted to 128.87 billion VND.
Financial expenses decreased because there was no provision for devaluation of securities investment, the Company also reversed the provision of 65.7 billion VND .
As of June 30, 2023, the investment in trading securities of Da Nang House has the original price of 367 billion VND, the fair value of VND 399 billion. While at the end of the first quarter, the original price was 365 billion dong, but the fair value was only 331 billion VND.
Stock portfolio of Da Nang House.
Da Nang House's stock portfolio has many stocks such as HPG, DGC, VND, SSI, MWG. Invested mainly in HPG stock 110.1 billion dong, VHM stock 108.8 billion dong, STB stock 96.5 billion dong, DGC stock 19.14 billion dong, shares 18.9 billion dong, MWG shares and others 17.1 billion dong.
These investments are all temporarily profitable, especially HPG shares are earning up to 47%. Meanwhile, TCB is the stock with the heaviest loss in the portfolio with the original price of more than 23 billion but the fair value of only 14.5 billion.
Accumulative in the first half of 2023, Da Nang House recorded revenue of 312 billion dong, up 245 times over the same period and profit after tax was recorded at 167 billion dong, the same period lost 95 billion dong.
In 2023, Da Nang House sets a total revenue of 387.79 billion VND, profit after tax is 159.83 billion VND. Thus, by the end of the first half of 2023, this real estate business has completed 104.7% of the year's profit plan.
As of June 30, 2023, the total assets of Da Nang House is 1,384 billion VND, down 7.5% compared to the beginning of the year. Assets are mainly cash and short-term financial investments which recorded 797.5 billion VND . The stock investment portfolio is 368 billion VND, equivalent to 26.6% of total assets.
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