Owner of Long Hau industrial park records $2 mln Q1 profit

Long Hau Corporation, owner of Long Hau Industrial Park in Long An province, reported net revenue of over VND115 billion ($4.8 million) and after-tax profit of VND50.7 billion ($2.1 million) in Q1, up 0.8% and 9% year-on-year, respectively.

As of March 31, 2023, the company's total assets had stood at more than VND3 trillion ($126.7 million), up 1% compared to the beginning of the year, of which liabilities hit more than VND1.42 trillion ($60 million), up 4%. Equity was VND1.59 trillion ($66.95 million), up 4%.

The company has not published financial statements for Q2/2023.

In the first half of 2023, Long Hau Industrial Park (IP) attracted 18 more investment projects. The number of projects in key industrial sectors like mechanical engineering and electronic equipment accounted for more than 50% of the new investment lines in Long Hau. The remaining 50% belong to light industries like apparel, pharmaceuticals, cosmetics and warehouses, LHG's representative told Theinvestor.vn.

At its 2023 general meeting of shareholders in April, the company set a revenue target of more than VND902 billion ($38.1 million) for 2023, up 23% year-on-year, with after-tax profit of over VND127 billion ($5.4 million), down 34%.

Long Hau Corporation, established on May 23, 2006 in Long Hau commune, Can Giuoc district, Long An province, is known as the owner of Long Hau IP with a scale of 137.02 hectares. The IP expanded by 108.48 hectares in 2009.

The company also expanded its market share in central Vietnam with Long Hau Hi-tech Factory Area, located on an area of 29.6 hectares in Danang Hi-Tech Park.

In 2010, the company was officially listed on the Ho Chi Minh Stock Exchange (HoSE) as LHG. It currently has charter capital of more than VND500 billion ($21.1 million).

At the close on Friday, LHG was trading at VND27,900 ($1.18) per share.

Meanwhile, industrial developer Gelex reported net revenue of VND8 trillion ($337.75 million) in the second quarter of this year, equal to 88% of the same period last year, and after-tax profit of VND870 billion ($36.7 million), up 49% year-on-year.

In Q2, GEX recorded revenue from the Yen Phong II IP, Yen My IP, and Dong Mai IP, with a total handover area of 77 hectares. The company said it will continue to focus on construction of infrastructure in the Thuan Thanh, Yen Phong 2C, Tien Hai, Phong Dien, Phu Ha, and Hai Yen IPs.

Gelex's net revenue from energy and clean water reached VND370 billion ($15.6 million) in Q2. Total power output stood at 113 million kWh in the period and 259 million kWh in the first six months of the year, fullfilling 41% of the annual target due to wind power projects being affected by the low wind cycle in Q2 and hydroelectricity continuing to be hit by El Nino.

The building materials and electrical equipment segments faced many difficulties due to falling demand. Electrical equipment earned VND3.67 trillion ($155.1 million) in Q2, down 17.2% year-on-year.

In the first six months of 2023, Gelex, listed on the Ho Chi Minh Stock Exchange (HoSE) as GEX, recorded net revenue of VND14.41 trillion ($608.5 million), down 18%, and post-tax profit of VND686 billion ($28.9 million), down 36%.

In terms of operations, the driving force for growth in revenue and profit in Q2 came from the real estate and IP segment with VND1.77 trillion ($74.8 million) in net revenue.

At the end of June, Gelex's total assets had stood at VND52.41 trillion ($2.2 billion), of which inventories hit VND8.23 trillion ($347.7 million).

On the HoSE, GEX finished at VND22,550 ($0.95) at Friday's close.