Tran Anh reports consecutive net loss in third quarter
Tran Anh reports consecutive net loss in third quarter
On the verge of a merger with Mobile World Investment Corporation (MWG), Tran Anh Digital World JSC (Tran Anh) revealed a consecutive net loss of VND55 billion ($2.42 million) in its financial statement for the first nine month of the financial year ending on March 31, 2018.
Accordingly, Tran Anh reported a plunge in business results in the third quarter of the financial year. Notably, Tran Anh only earned VND642 billion ($28.2 million) in net revenue from sales and services, down 35 per cent on-year.
The accumulated net revenue during the three quarters decreased by 16 per cent to VND2.46 trillion and the accumulated net loss reached VND55 billion ($2.42 million).
Previously, the firm revealed a net loss of VND11.8 billion ($519,672), exceeding the net loss stated in its unaudited financial statement by VND4.8 billion ($211,392).
Apparently, there was a notable discrepancy between Tran Anh Digital’s 2017 audited and unaudited financial statements that highlighted a larger net loss right before the merger with MWG.
As of the end of the third quarter of this financial year, the firm had total assets of VND1.22 trillion ($53.7 million), up just VND40 billion ($1.76 million) against the earlier financial statement. Meanwhile, the firm shouldered a debt of VND1 trillion ($44.03 million).
The board of directors at Tran Anh pointed out that the recently leaked information on the merger negatively influenced customer behaviour and shrunk the company’s revenue.
Tran Anh is a Hanoi-based enterprise which trades in and provides maintenance services for computers, electronics, household appliances, and telecommunications equipment in Vietnam.
