Tan Tao Funding and Trade (ITA) has launched its semi-annual reviewed consolidated monetary statements for 2021. Realized a 21% lower in internet revenue in comparison with the impartial report. The reason being that G&A bills elevated sharply by 59% in comparison with earlier than assessment whereas gross revenue didn’t change considerably. As well as, the Firm additionally incurred a lack of greater than VND 5 billion in joint ventures and associates not talked about within the impartial report.
In comparison with the identical interval, ITA’s internet income within the first half of 2021 elevated by 21%, reaching practically VND 322 billion. Nevertheless, because of the sharp improve in bills throughout the interval, the Firm’s internet revenue was flat at practically 75 billion dong.
On this revised monetary assertion, the auditor continued to emphasise the cost of land lease within the expanded Tan Tao Industrial Park in addition to associated to the funding within the Kien Luong Thermal Energy Challenge.
Particularly, the Group recorded 100% of the income of your complete sublease interval on the land that has developed infrastructure in Tan Tao industrial park – an growth space with a complete space of 926,047 m2 and Tan Duc industrial park. on a complete space of 1.68 million m3.
ITA is obliged to pay one-time state land lease for your complete lease interval equivalent to the world that has been subleaseed based on the one-time land rental unit worth, this quantity could also be completely different from the enterprise quantity. advance deduction (21 billion dong). There are presently no guiding paperwork and the management remains to be within the means of working with state companies.
As well as, the audit continued to notice the funding in Tan Tao Power Improvement and Funding Firm (TEDC); Tan Tao Power 2 (TEC2) with a complete worth of VND 2,170 billion and receivables from TEDC, TEC2 and Tan Tao Power with a price of greater than VND 1,412 billion. The Board of Administrators is within the means of ready for the mandatory approvals from the state authorities for the launch of the Kien Luong Thermal Energy Challenge.
As of June 30, 2021, ITA’s complete property reached VND 13,364 billion. Through which, receivables and inventories continued to occupy property with the proportion of greater than 60% of complete property, recording VND 4,018 billion and VND 4,009 billion respectively.
It ought to be emphasised that the receivables associated to Kien Luong Thermal Energy Challenge are placing strain on the Firm’s money circulate. In accordance with analysts, this degree of long-term funding is famous as being troublesome to get well, dangerous, probably shedding capital, and hindering future capital mobilization.
Notably, the corporate’s complete debt decreased by 70%, to just about 178 billion dong.
About ITA, the Firm is called a long-standing actual property investor in Vietnam, presently managing 2 giant industrial park initiatives within the Southern area: Tan Tao Industrial Park – Ho Chi Minh Metropolis. Ho Chi Minh Metropolis (space of 443.25 ha) and Tan Duc – Lengthy An Industrial Park (space of 545 ha).
As well as, ITA can also be the investor of Tan Duc Industrial – Service – City Advanced with a scale of 1,142 ha – offering residential merchandise and academic companies, logistics, import and export to the market. export.
The Firm’s essential income comes from the leasing of land and industrial parks. In 2021, two main targets of the ITA are recognized:
(i) Perform the procedures for planning, land, compensation and clearance of the Saigon Mekong undertaking;
(ii) Persevering with to conduct joint ventures with US firms to develop a big pharmaceutical industrial park in California.
Together with that, ITA can even divest all funding capital within the undertaking of commercial-service-resort areas at Bai Sao – Phu Quoc; Saigon Da Lat Joint Inventory Firm; Tan Tao City Challenge.
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