Real estate firm Long Giang shares rally on market supply, demand: company

Vietnam real estate firm Long Giang Land said its share price had hit the ceiling for five consecutive sessions since May 29 due to stock market supply and demand and investors' will.

The company (trading code: LGL) said in a letter sent to the Ho Chi Minh City Stock Exchange (HoSE) on Tuesday that its business activities were normal and there had been no significant changes to the company's operations.

The company did not influence trading prices on the stock market, it added.

Under the State Securities Commission's (SSC) rules, from May, 2022, companies which see stock prices rise to their ceiling or fall to the floor for five consecutive sessions must report information related to such price fluctuations.

In the first quarter of this year, Long Giang Land reported revenue of VND10.8 billion ($459,900), down 79% year-on-year, and after-tax profit of VND806 million ($34,300), down 62.6%.

As of March 31, 2023, Long Giang Land's total assets had stood at over VND1.62 trillion ($68.9 million), slightly down from VND1.63 trillion ($69.57 million) at the beginning of the year. Liabilities were VND959 billion ($40.8 million), accounting for nearly 60% of total assets, of which short-term debts hit VND957 billion ($40.75 million).

LGL shares closed Tuesday at VND4,890 ($0.2).

Under the company's plans, in 2023, Long Giang Land will complete procedures to receive payment of VND300 billion ($12.77 million) for Lot C of the Thanh Thai apartment project in District 10, Ho Chi Minh City; finalize legal procedures to start construction of the Rivera Park Can Tho project in Can Tho city in Q4/2023; and obtain 1/500 planning and land allocation approval for the Rivera Park Mui Ne project in Binh Thuan province in Q4/2023.