Loc Troi Group Joint Stock Company (stock code: LTG) announced a report finance in 2023 is audited by Ernest & Young Vietnam Co., Ltd.
According to the results The group’s audited profit after tax only reached nearly 16,5 billion VND, down 94% compared to the corresponding self-made company report, the company lost 248,5 billion VND compared to the previous year, the profit also decreased by 96%.
According to the company’s explanation, post-audit profits decreased sharply compared to self-reported reports due to many factors. Revenue deductions decreased by VND 19,4 billion and cost of goods sold increased by VND 15,8 billion mainly due to the exclusion of trade discounts and cost prices from sales transactions within the group that have not been properly reflected. in the self-made financial statements.
Profit from affiliated companies decreased by VND 315 billion due to the exclusion of profits from cheap transactions due to the impact of determining the fair value of assets The net worth of the associate at the date of acquisition has not been properly reflected in the consolidated financial statements and the exclusion of unrealized profits arising from intra-group transactions.
Previously, in the second quarter of 2023, Loc Troi announced a sudden profit of VND 327 billion from an affiliated company after purchasing an affiliated company, Loc Nhan Food Joint Stock Company.
Group Loc Troi recorded sales revenue of more than VND 16,517 billion in 2023, an increase of 39% compared to the previous year. The largest revenue comes from rice followed by pesticides. However This enterprise has to bear quite large financial costs of over 957 billion VND. Of which 60% is interest expense and 25% is loss from exchange rate differences.
As of December 31, 2023, the company has financial debt of VND 6,308 billion, mostly short-term debt. This debt amount has increased by 2,462 billion VND in the past year, equivalent to an increase of 64%.
According to the report, Mr. Huynh Van Thon – Chairman of the Board of Directors – will receive a remuneration of 36 billion VND in 2023. 6 3 times in 2022. The other 4 members of the Board of Directors do not receive remuneration. The Board of Directors and key management members received 5 billion VND in salary, a decrease of about 30% compared to the previous year.
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