FLC shares to trade under supervision due to late financial statement
FLC shares to trade under supervision due to late financial statement
The Ho Chi Minh Stock Exchange (HoSE) just released a decision to transfer FLC shares of FLC Group (FLC) from a warning to the under supervision list starting from May 12.
The exchange said it was due to the company's late submission of the audited financial statement for 2021, which exceeded 30 days of the prescribed time.
Previously, at the end of April, FLC and two other stocks of the FLC family - ROS shares of FLC Faros Construction JSC and HAI shares of HAI Agrochem JSC - were put on a warning list for the same reason. Accordingly, these companies released the audited financial statements 15 days later than the deadline.
Explaining the late submission, FLC said that Vietland Auditing And Consulting Company Limited is currently auditing its 2021 business result, but on March 30, it was suspended to audit for units with public benefits by the State Securities Commission of Viet Nam (SSC).
Therefore, FLC's 2021 financial statement has yet to be released and disclosed on time.
It is rushing to find a new auditor on the approved list.
In its recent consolidated business result, FLC posted revenue of more than VND1.08 trillion (US$47.3 million) in the first quarter of 2022, down 58 per cent year-on-year. Running business under the cost of goods sold caused the company a gross loss of over VND14 billion, while it recorded a profit of more than VND108 billion in the same period of last year.
During the period, its financial expenses suddenly surged three times to VND161 billion, primarily due to rises in interest costs and provisions for investments.
FLC also suffered a loss of VND265 billion because of investment in joint ventures and associates. As of March 31, FLC posted a loss of more than VND651 billion from the aviation segment, currently holding 21.7 per cent capital in Bamboo Airways.
As a result, FLC lost VND466 billion in the first quarter of this year, while it posted a net profit of VND43 billion in the same period last year.
On the stock market, FLC and ROS both hit the floor prices on Friday, while HAI declined by 4.1 per cent.
FLC shares prices have lost more than 65 per cent since hitting the peak of VND22,500 per share on January 7.
