|
Difficulties, losses spare no one
The reports by the Hanoi and HCM City Stock Exchanges-- show that 30 stocks have received warnings from the watchdog agency. And if counting on the stocks put under the special supervision, the total number of stocks put under control has reached 50.
The noteworthy thing is that these include the stocks of the enterprises owned by well-known “big guys”.
Saigon Tel (SGT), for example, has got the warning from the HCM City Stock Exchange (HOSE) for taking losses in all the four quarters in 2011, with the accumulative loss reaching 113.79 billion dong.
At the end of the operation year 2011, the consolidated loss of SGT had climbed to 136 billion dong. This was for the first time SGT took loss in all the four quarters in a year, since the day it listed shares on the bourse.
Explaining the bad business performance, SGT said that the high interest rates have made the company’s financial costs skyrocket by 270 percent in comparison with the same period of 2010.
In the crisis, SGT’s clients have delayed their business plans, thus leading to the sharp fall of the sales and leased workshops, while this is considered the biggest bread earner of the company.
The Kinh Bac Urban Area Development Corporation (KBC), which is owned by Dang Thanh Tam, one of the top 10 richest stock millionaires in Vietnam, also had unsatisfactory business performance in 2011. The net profit of the corporation was 40.99 billion dong, a sharp decrease of 96.26 percent from 2010. The targeted post tax profit of 1 trillion dong the board of directors promised in early 2011 to shareholders, has failed completely.
SJS of Sudico Company has also been served a warning by HOSE since April 16, because the holding company incurred a loss of 82 billion dong in 2011.
The big loss has made Phan Ngoc Diep lose his position of Chair of the Board of Directors after an extraordinary shareholders’ meeting.
Regarding the stocks of Song Da-family corporations, SDB shares of Song Da 207 Company has also received a warning since April 13. The audited finance report showed that in 2011, SDB incurred the loss of up to 29 billion dong.
Prior to that, HOSE also served a warning on Quoc Cuong Gia Lai Corporation, where “Cuong dollar” – the businessman, who has been famous for his collection of luxurious cars and the habit of spending money like water - serves as Deputy General Director. The holding company QCG took loss for three consecutive quarters in 2011, incurring the accumulative loss of 31 billion dong.
A series of other influential companies were also given warnings in the first half of April, namely An pha, an oil and gas company, Thang Long, a securities company, Can Nha Mo Uoc Company, a real estate developer.
Hoang Anh Gia Lai Group of Doan Nguyen Duc, also a big guy in Vietnam, who has been honored as one of the most influential businessmen in Asia, a member of the club of richest stock millionaires in Vietnam, has not been given a warning because of loss. However, the name of the group once appeared on all local newspapers as the company which had unpaid tax.
A lot of big businessmen, whose names are listed as top 500 stock millionaires, have seen their assets falling dramatically. Nguyen Duy Hung, Chair of Saigon Securities Incorporated, for example, has seen the asset value dropping by 1300 billion dong to 443.5 billion dong.
vietnamnet
|
