Paradise Bay, a vacation rental company, lost 2.3 billion VND/day

Zone Company Limited travel Paradise Bay has just announced its financial data for 2022.

According to information from the National Business Registration Portal, this company has the following industry business is real estate business. However, usually Information in the information release states that the main field of activity is the construction and operation of the ALMA resort in Khanh Hoa province, providing vacation ownership services.

Accordingly, the business recorded After-tax loss of nearly 832 billion VND in the year, an increase of 186% compared to the loss of more than 701 billion VND in 2021. On average, every day in 2022, the enterprise lost nearly 23 billion VND.

More noteworthy on day 31 /December 2022, this company’s equity is negative at nearly 1,576 billion VND. In the same period last year, equity was also negative at more than 663 billion VND.

This company maintains large financial leverage. The ratio of liabilities to equity at the end of last year was negative 367 times. In 2021, this ratio is also negative 86 times. Thus, the debt payable on December 31, 2022 is about 5,783 billion VND, equivalent to the level at the end of 2021.

Even though equity is heavily negative, business operations are at a loss, but the company still pays Bond principal interest is according to plan. October 26, 2022enterprise has completed the principal interest maturity of the previously issued bond batches. The outstanding bond debt by the end of 2022 has reached 0.

Previously, in 2019 and 2020, this resort business company successfully issued 3 lots of bonds in the domestic market with a value of more than 600 billion VND .

Specifically, the bond batch ALMA_BOND01_2019 was issued on December 12, 2019, with a term of 1 year with a value of 426 billion VND and an interest rate of 11%/year; ALMA_BOND02_2019 bond batch was issued on January 3, 2020, with a term of 1 year with a value of 166 billion VND and an interest rate of 11%/year; ALMA_BOND03_2020 bond batch was issued on October 26, 2022, 2-year term with a value of 400 billion VND, interest rate 115%/year.


In this period, in addition to raising bond capital, this company also has other loan with collateral is the income earned from the ALMA Resort project at Vietnam Maritime Commercial Joint Stock Bank – Exchange Branch.

Vinh Thien Tourist Area Company Limited Sugar was established in February 2013. The head office is located at 9th Floor, Gold Coast Building, 01 Tran Hung Dao, Loc Tho Ward, Nha Trang City, Khanh Hoa Province. Chairman of the Board of Directors, General Director and legal representative is Ms. Nguyen Hong Tham.

Self-introduction information shows that this enterprise is the investor and developer of the large-scale Alma Resort Cam Ranh project. 30 hectares at Lot D7A2, tourist area in the north of Cam Ranh peninsula, Khanh Hoa province.

This project was started construction in 2014, with a scale of 30 hectares, including 196 villas, 384 luxury apartments, 14 dining areas, 12 swimming pools. sea ​​view.

In 2022, based on receiving a number of consumer complaints, the Department of Competition and Consumer Protection (now the National Competition Commission) conducted an inspection on compliance with the law. enforce the law on protecting consumer rights for Thien Duong Bay Tourist Area Co., Ltd. and issued Decision No. 300/QD-XPVPHC dated December 28, 2022 sanctioning administrative violations against the company .

This company was fined for two acts: providing incomplete and inaccurate information to consumers; Use a contract according to the general transaction conditions form with a smaller font size than prescribed.