On July 24, Gia Duc Real Estate Co., Ltd. announced unusual information about the delay in interest payments on GDUCH2131001 bonds with an interest payment of 35.7 billion VND. The planned payment date is June 30, 2024, the company has paid 1 billion VND. The remaining balance has not yet been arranged by the enterprise for payment, and is expected to be paid on July 31, 2024.
Gia Duc Real Estate is a business that often falls behind in paying due bond debt. From the beginning of the year until now, the company has announced 5 delays in repaying due bonds. In 2023, the company will also have two periods of delayed bond repayment. All of these late payment interests come from bond code GDUCH2131001.
Gia Duc Real Estate has just recorded 2 consecutive years of losses. Accordingly, Gia Duc has an after-tax loss of 134 billion VND in 2023. Last year, the business also reported a loss of 92 billion VND. As of December 31, 2023, the business's liabilities are 8,016 billion VND, a slight increase of 4%; Outstanding bond debt is at VND 1,286 billion, down 1.3% compared to 2022.
Similarly, Hung Thinh Quy Nhon Entertainment Services Joint Stock Company has also just announced the delay in paying interest on bond code HQNCH2124007 with the amount of interest to be paid being 25.1 billion VND. The planned payment date is July 5, 2024, however, due to unfavorable developments in the financial market and real estate transaction market, the business has not been able to arrange funds in time to pay as planned.
The enterprise commits to pay all outstanding debts according to plan no later than July 31, 2024.
This is the fifth time Hung Thinh Quy Nhon has announced delayed bond debt payments this year. In previous periods, businesses continuously announced delayed interest payments for bond codes: HQNCH2124005, HQNCH2124002.
Previously, in 2023, businesses had 17 announcements of late payments of principal and interest for bond codes: HQNCH2124002, HTQNB2124001, HQNCH2124005.
In 2023, Hung Thinh Quy Nhon has an after-tax loss of 152 billion VND, while last year the company recorded a profit of 359.5 billion VND. As of December 31, 2023, Hung Thinh Quy Nhon's equity was at VND 9,205 billion, down 1.6% compared to the previous year.
The enterprise's debt/equity ratio is at 3.13 times, corresponding to liabilities at 28,811 billion VND, a sharp increase of 27% compared to 22,643 in 2022. Outstanding bond debt/equity ownership at 0.92 times, equivalent to outstanding bond debt at VND 8,468 billion, an increase of 5.2% compared to VND 8,047 billion in 2022.
Thus, Hung Thinh Quy Nhon's liabilities of 28,811 at the end of 2023 are 3 times higher than the company's equity.
ADEC Joint Stock Company is also one of the businesses that regularly delays bond repayments. Most recently, the company delayed payment of bond code ADECH2123001.
Accordingly, ADEC has fully paid the interest amount of 6.5 billion VND. The principal amount to be paid is 100 billion VND, however by April 5, 2024, ADEC can only pay 52.7 billion VND, the remaining amount is 47.3 billion VND.
The reason given for late payment is due to not having arranged enough financial resources. ADEC said that with the remaining principal debt of VND 47.3 billion, the company will pay before December 31, 2024. Previously, in April 2024, ADEC also announced the delay in payment of part of the principal debt of this bond code , and committed to paying the remaining debt before June 30, 2024.
