Audited Financial Statements 2018: Eight companies made profits but reported losses

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Business results of the construction sector decreased by 52.9% from VND 3,372.6 billion in 2017 to VND 1,587 billion in 2018. Photo: Thuy Linh

According to the Hanoi Stock Exchange (HNX), the number of listed companies required to announce audited financial statements in 2018 is 370 companies (excluding nine companies changing the accounting year).

As of April 25, there were 352 companies announcing audited financial statements in 2018. For companies late announcing the audited financial statements by more than five working days, the Department has included in the list of securities ineligible for margin trading and in list of enterprises being warned for late announcement of over 15 days.

As a result, 313 companies made profits with a total value of VND 21,167.2 billion (up 12% compared to the same period last year).

The total after-tax profit of listed companies on HNX reached VND 19,886.1 billion, an increase of VND 2,283.6 billion (13%) compared to 2017. Seven among 11 sectors had a total profit of 2018 increased compared to 2017, in which, two industries which had total profit sharply increased compared to 2017 were the financial sector (total profit was VND 8,860.8 billion, comprising 44.6% of the total market profit, up 57.9% compared to with the same period last year), the industrial sector (total profit was VND 4243.9 billion, comprising 12.3% of total market profit).

Although, total profit of the financial sector saw significant growth, up to 10 among 22 companies in this sector had 2018 business results decreased compared to the previous year. In addition, some sectors had profits strongly decreased, such as construction sector down 50% compared to 2017 (from VND 3,459.9 billion in 2017 to VND 1,721.7 billion).

The number of loss-making companies was 39, a year-on-year 34.5%. However, the total loss in 2018 was VND 1,011 billion, down 15.3% compared to 2017. In which, three of 11 sectors had a total loss increased compared to 2017, they were construction sector (down 52.9% from VND 3,372.6 billion in 2017 to VND 1,587 billion in 2018), the oil and gas mining sector (down 32.2%), and the professional, scientific and administrative and service sector (down 5.4%), respectively.

According to HNX, comparing the figures in the Financial Statements of listed companies before and after being audited, there was a difference of 10% in after-tax profit between the Financial Statements 2018 and audited Financial Statements 2018 of 60 listed companies and a difference of over 50% of 29 listed companies.

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In particular, eight companies recorded a profit in 2018 in the financial statements but recorded a loss in the audited financial statements. According to their explanation, the difference was due to the increase in provisions for devaluation of stocks, refund of provisions, addition of provisions and the insufficient accounting of costs.