Construction major Hoa Binh's H1 net profit revised up by $3.6 mln after audit
Leading Vietnamese contractor Hoa Binh Construction Corporation reported a net profit of VND830 billion ($33.37 million) in the first half of this year, up VND89 billion ($3.6 million) from the pre-audit figure, according to its H1 audited consolidated financial statements.
The profit revision shows a significant improvement compared to a loss of VND713 billion ($28.6 million) in the same period last year.

A property project underway by Hoa Binh Construction Corporation. Photo courtesy of the firm.
Two main factors contributed to the profit difference before and after the audit include an increase in financial revenue from VND160 billion ($6.43 million) to VND195 billion ($7.84 million) and a rise in other profits from VND518 billion ($20.8 million) to VND555 billion ($22.3 million).
The firm, listed on the Ho Chi Minh Stock Exchange (HoSE) as HBC, attributed these results to a strong restructuring effort that involved multiple strategies, including streamlining the workforce, cutting management costs, divesting from subsidiaries and affiliates, liquidating fixed assets, converting debt into equity, accelerating debt collection, and restructuring products and services.
In addition to big profits, the firm issued 73.08 million shares valued at VND730.8 billion ($29.4 million) via a debt/equity swap for 99 suppliers and subcontractors.
As of end-June, its charter capital increased to VND3.47 trillion ($139.6 million) from VND2.7 trillion ($110.2 million) at the start of this year, and its owner’s equity grew to VND1.6 trillion ($64.3 million) from VND93 billion ($3.74 million).
However, the company had accumulated losses of VND2.4 trillion ($96.6 million) and some overdue debts as of end-June. Auditors noted that these indicators could cast doubt on the firm’s ability to continue operating.
The business’s board of directors said that Hoa Binh has a strategy to expand both domestically and internationally. Specifically, in the U.S., the firm broke ground on the Grove Apartments project in California in April and plans to construct two major infrastructure projects in Cambodia this year.
The company is also enhancing its investment capabilities and managing the operation and development of social housing projects both locally and abroad. It collaborates with developers on apartment renovation and urban development projects nationwide. The firm is also increasing debt collection efforts, especially for outstanding receivables.
As of end-Q2, Hoa Binh Construction had a total debt of VND4.48 trillion ($180.3 million), of which VND3.9 trillion ($157.1) was due within 12 months. Short-term receivables amounted to VND11.39 trillion ($458 million), representing 72% of the company’s total assets.
On July 26, the HoSE, Vietnam's main bourse, announced that HBC shares would be subject to mandatory delisting and downgraded to the Unlisted Public Company Market (UPCoM). The company’s shares will be delisted on September 6.
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