Đuc Long Gia Lai Group Joint Stock Company (DLG) has a loss of up to 1,197 billion dong in 2022, this is the year this enterprise has suffered the heaviest loss since listing.

Đuc Long Gia Lai Group has just sent a document to the State Securities Commission explaining the difference related to its audited 2022 separate and consolidated financial statements.

After the audit, this business had a loss of up to 1,197 billion VND, a difference of 312 billion VND compared to the financial statements before the audit.

According to the explanation, this loss mainly comes from an increase of nearly VND 324 billion in administrative expenses after the audit, because of the increase in provision for bad debts of the parent company and adjustment of service costs purchased from selling expenses. In addition, selling expenses decreased by 11.8 billion dong, deferred corporate income expenses increased by 2.4 billion dong,...

Thus, this is also a year that witnessed the biggest loss since DLG went public.

In 2022, the enterprise will carry out a plan to structure the financial situation, rearrange the human resources, the executive board, cut management costs, and continue to divest capital in a number of weak subsidiaries.

Đuc Long Gia Lai was also distraint by VietinBank, selling the project for more than 48 billion VND.

DLG leaders plan to divest and transfer some inefficient projects to focus cash flow to repay bank loans such as Duc Long Tower, Duc Long Bao Loc bus station, Duc Long hotel project in Hanoi. The Board of Directors also worked with the bank to have a written agreement for the Company to settle the debt and waive all interest.

DLG's leadership has set business plans and goals for 2023-2025, in which it is determined to coordinate with banks and credit 

institutions to come up with many debt settlement options such as looking for partners to continue transferring of assets and projects. Speeding up the completion of legal procedures for solar and wind power projects, adding them to the national grid planning to transfer these projects.

On the stock market, DLG stock is priced at 2,300 dong. DLG is on the list of tokens that are not eligible for margin trading in the second quarter of 2023.

Source: Tạp chí tai chính doanh nghiep