Novaland’s Profits Marginally Increased in Q1, Suffering Losses Due to Exchange Rate Fluctuations

Novaland reported a 15% increase in revenue in the first quarter of the year due to the handover of key projects in Ho Chi Minh City and suburban areas. However, profits were negative due to exchange rate differences. The company’s net revenue from sales and service provision exceeded 697 billion VND, with a gross profit margin of over 27%.

Despite the increase in revenue, financial revenue decreased by more than 30% to about 640 billion VND. The biggest deficit came from profit from investment cooperation contracts, which decreased by 29%. Novaland reported an after-tax loss of nearly 601 billion VND, a 46.5% increase compared to the same period in 2023, with over 452 billion VND of the loss attributed to exchange rate differences.

As of the end of March, Novaland’s total assets were over 236,480 billion VND, with inventories totaling nearly 140,900 billion VND. Recently, the company has focused on financial restructuring activities, including an international convertible bond package worth 300 million USD.

Novaland’s Chairman of the Board of Directors announced that the company has completed the restructuring of domestic and foreign debts and bonds, maintaining a balanced assets for debt ratio. The Board also approved a plan to issue shares worth more than