Real estate firm Cen Land posts loss for second consecutive quarter
Vietnam's leading real estate distribution company Cen Land reported a loss of VND8.8 billion ($375,000) in the first quarter of this year, marking the company's second consecutive quarterly loss.
During the same period last year, it made a profit of VND141.8 billion ($6 million).
The company, a subsidiary of Vietnam's top real estate broker Cen Group and listed on the Ho Chi Minh Stock Exchange (HoSE) as CRE, recorded net revenue of VND53.3 billion ($2.27 million) in the quarter, down 97%, according to its consolidated financial statement.
As of March 31, Cen Land's assets had stood at VND7.41 trillion ($315.9 million), down 2.6% compared to the beginning of the year. Of which, 90% was receivables and inventories.
At the end of Q1/2023, the company's liabilities stood at VND1.79 trillion ($76.3 million), down 10% compared to the beginning of the year. Of which, debt reached VND1.02 trillion ($43.64 million), up 1.8%, and short-term prepayments hit VND117 billion ($4.99 million), down 16%.
Cen Land's operating cash flow in Q1 was negative VND165 billion ($7 million), due to an increase in inventory, a decrease in payables, and interest payments.
In that context, the company decided not to spend on loans or debt instruments as much as last year. In contrast, it called in loans and resold debt instruments to increase investment cash flow. Therefore, its borrowing flow decreased by 76% to only VND398 billion ($16.96 million).

A Cen Land office. Photo courtesy of the company.
Cen Land is targeting net revenue of VND3.5 trillion ($149.16 million), up 1% year-on-year, and pre-tax profit of VND168 billion ($7.16 million), down 32%, for 2023.
Of which, revenue from real estate brokering is estimated to reach VND1 trillion ($42.62 million); from real estate investment VND2.35 trillion ($100 million); and from marketing services, office leasing and other activities VND150 billion ($6.39 million).
CRE shares closed last Friday at VND7,510 ($0.32).
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