Mr. Trinh Van Quyet was "carried", FLC Group reported a net loss of 466 billion dong

However, FLC's management said that the group's business segments have shown signs of improvement since the en.d of the first quarter.

Trinh Van Quyet - former chairman of FLC Group, was prosecuted and arrested on March 29 for manipulating and concealing securities information. On January 10, Mr. Trinh Van Quyet sold 74.8 million FLC shares but did not report or disclose information before performing the transaction.

The State Securities Commission has issued a document directing the Ho Chi Minh City Stock Exchange (HoSE) to cancel the transaction of selling 74.8 million FLC shares on January 10 by Mr. Trinh Van Quyet. Refund purchased. On January 18, the State Securities Commission issued a decision to administratively sanction Mr. Trinh Van Quyet 1.5 billion VND, the highest level according to regulations.

At the same time, the chairman of FLC Group was also subject to the additional sanction of suspending securities trading activities for 5 months. Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, deputy general manager of FLC Group.

Recently, FLC Group Joint Stock Company has just announced the first quarter financial report, with a significant decrease in revenue compared to the same period last year. Specifically, in the first quarter of 2022, the group still recorded VND 1,085 billion in net revenue from sales and service provision. However, compared to the same period last year, this revenue has decreased by 58%.

Meanwhile, the lower cost of goods sold (54%) made FLC's business in the situation below COGS in the first quarter and gross loss of more than 14 billion dong, while the same period last year still made a profit of 108 billion dong. In the context of declining revenue, FLC's selling fees and administrative expenses did not decrease compared to the same period last year, even financial expenses increased by nearly 3 times, causing this group to los.e mone.y. deeper into the business.

In addition, in the first quarter, the group also had to record nearly 265 billion dong of loss from joint ventures and associates. With these results, FLC reported a net loss of 465 billion dong in the first quarter, while in the same period a positive profit of nearly 43 billion dong. This is also the deepest loss that FLC has suffered since the second quarter of 2020.

According to the explanation of FLC's management, the sharp drop in consolidated revenue in the last quarter was due to the group having to narrow the commercial business, besides, real estate revenue also dropped sharply due to the increasing COVID-19 epidemic. across the country, limiting direct labor at construction sites. This leads to delays in handing over projects and not recognizing revenue from real estate sales.

In addition, the group's resort service business also declined due to the impact of the epidemic. However, FLC's management said that the group's business segments have shown signs of improvement since the en.d of the first quarter, after many restrictive measures on flight routes, tourism ... were gradually removed.

During the previous holiday of March 10, FLC's resort system welcomed more than 15,000 guests to stay. It is estimated that during the holiday of April 30, this system will welcome thousands of visitors. In the field of real estate, the group said that key projects under construction will continue to be promoted both legally and on schedule with the expectation of bringing in revenue this year.

In another development, the People's Committee of Thanh Hoa province has issued an official dispatch on the implementation of the construction investment project, management and infrastructure business of Hoang Long Industrial Park. Previously, the People's Committee of Thanh Hoa province received a report from the Management Board of Nghi Son Economic Zone and Industrial Parks on the investment project of construction, management and infrastructure business of Hoang Long Industrial Park, by JSC part of FLC Group (FLC Group) as the investor.

For the implementation of the investment project of construction, management and infrastructure business of Hoang Long Industrial Park, invested by FLC Group, on the basis of the proposal of the Department of Planning and Investment, the Chairman Thanh Hoa Provincial People's Committee assigns the Management Board of Nghi Son Economic Zone and Industrial Parks to assume the prime responsibility for, and work with FLC Group to carry out procedures for terminating the operation of infrastructure investment, management and business projects. Hoang Long Industrial Park

Mr. Trinh Van Quyet is entitled to annul the administrative sanction decision Rosé08:52:25 07/04/2022C03 has written to request the committee to cancel the decision No. 34 sanctioning administrative violations against Mr. Trinh Van Quyet. Lieutenant General To An Xo, Chief of the Office of the Ministry of Public Security on the afternoon of April 5, confirmed that on April 5...