Group Novaland (stock code: NVL) has just reported to the Hanoi Stock Exchange (HNX) about the late payment of interest on 4 bond lots on the 28th. /2 for the same reason that payment has not been arranged in time. The total amount of interest expected to be paid for these 4 lots is nearly 98 billion VND. Novaland said it is expected to pay on March 8.
At report finance in 2023, Novaland has outstanding bond debt of VND 38,262 billion, accounting for 66% of total financial debt. In the past year, the company paid back VND 5,900 billion in bond loans and rescheduled debt with many other debts.
Military Commercial Joint Stock Bank leaders also just announced the outstanding debt of Novaland Group and the subsidiaries of this group belong to debt group 1 (qualified) because they are still in the normal process. Last year, Novaland Group’s outstanding bond debt at this bank decreased by nearly 50%. The recovery ability from this group’s projects is relatively positive.
In 2023, Novaland will reach 4,759 billion VND in revenue and nearly VND 685 billion in profit after tax decreased by 57% and 69% respectively compared to the previous year. Compared to the yearly plan, the company only completed about 50% of revenue but profit after tax exceeded 3-2 times thanks to cost-optimized debt restructuring and from financial activities during the restructuring period.</ p>
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