HAGL Agrico shares available for afternoon trading only

Tuesday, Apr 21, 2020 16:59

A banana field planted by HAGL Agrico. The company posted a post-tax loss of nearly VND2.42 trillion (US$103 million) in 2019. — Photo haagrico.com.vn

Shares of Hoang Anh Gia Lai Agricultural JSC (HAGL Agrico) are only tradable in the afternoon starting on April 23 due to its two-year cumulative loss, according to the Ho Chi Minh Stock Exchange (HoSE).

The southern market regulator’s decision came after the company posted a post-tax loss of nearly VND2.42 trillion (US$103 million) in 2019, HoSE said in a statement last week. In 2018, its post-tax loss was VND659 billion.

Total revenue was VND1.83 trillion last year, down nearly 50 per cent from 2018.

The company's shares (HoSE: HNG) were flat at VND12,750 apiece on Tuesday.

HAGL Agrico is now on the warning shortlist on HoSE along with its parent firm Hoang Anh Gia Lai Group (HoSE: HAG).

Both companies have recorded losses in the past two years and audit firms have disagreed with parts of their financial reports.

The company in 2020 plans to earn VND4.3 trillion in revenue and VND566 billion in pre-tax profit.

The firm has reported it sold some of its member businesses and income from the deals will be paid back to creditors, lessening pressure on lending interests for 2020.

In addition, it has restructured business activities with a focus on fruit farming and the change has been efficient. — VNS

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