Revenue increases but still losses
Amidst a promising picture, Novaland (code: NVL) continued to experience a difficult quarter when the cost burden caused the company to continue to suffer losses. The consolidated financial statements for the second quarter of 2025 showed that Novaland achieved a revenue of more than VND 1,936 billion, up 22% over the same period. However, after deducting expenses, the company recorded a net loss of nearly 190 billion VND.
In the first 6 months of 2025, Novaland achieved net revenue of nearly VND 3,715 billion, up 62.5% over the same period last year. However, the company still reported a loss of 6,500 billion VND. Although this figure is still negative, it has shown a clear improvement compared to the loss of more than VND 7,300 billion in the first half of 2024. The majority of the current losses come from exchange rate differences and non- core business activities factors that continue to put pressure on financial reporting.
It is noteworthy that in the second quarter, many large-scale projects of Novaland made important legal progress after a long period of stagnation. Projects such as Aqua City, NovaWorld Phan Thiet and NovaWorld Ho Tram have had their main legal problems resolved, opening up the prospect of a restart. At the same time, a series of projects in the central area of Ho Chi Minh City developed by Novaland are also being accelerated by specialized working groups in the review process, especially the issue of determining financial obligations for land use fees. This is considered a premise for businesses to soon record revenue in the coming period.
Vinaconex Tourism Investment and Development Joint Stock Company (code: VCR) also continued to report losses in the second quarter. This enterprise recorded a loss of more than 5 billion VND, bringing the total accumulated loss in the first 6 months of the year to 10.6 billion VND. However, compared to a loss of VND10.8 billion in the same period last year, this result is somewhat more positive, although the path back to the profit trajectory still has many challenges.
LDG Investment Joint Stock Company (code LDG), Q2/2025, although LDG's net revenue increased by 118% over the same period, still suffered a loss after tax of more than VND66 billion. In the first half of the year, the company lost nearly 54 billion VND.
Revenue evaporates, profits narrow
Another case that attracted much attention was Tu Liem Urban Development Joint Stock Company (code: NTL). The second quarter report showed that net revenue reached only VND6.14 billion, down nearly 99% compared to more than VND1,379 billion in the same period last year. Thanks to financial revenue of VND 20.86 billion mainly from interest on deposits and stock investments and a sharp cut in management costs, NTL still recorded a profit after tax of VND 1.93 billion. However, compared to the profit of VND 646.6 billion in the second quarter of 2024, NTL's profit has decreased by 99.7%.
In the first 6 months, NTL achieved net revenue of VND 9.62 billion and profit after tax of VND 8.27 billion, both of which decreased by more than 99% compared to the same period last year. These figures clearly reflect market pressure when revenue from core business activities is almost gone, forcing businesses to rely heavily on financial revenues to maintain profits.
The painting still has bright colors
While many real estate businesses are struggling with losses or sharp declines in profits, in the second quarter of 2025, most listed real estate companies will receive positive profits. Many names have made a strong breakthrough with many times more than the same period, thanks to the benefits of project transfers, brokerage and market recovery.
Notably, Nam Long Investment Joint Stock Company (code: NLG) recorded more positive results. In the second quarter, Nam Long achieved a revenue of VND 773 billion, 3.1 times higher than the same period. However, due to a decrease in financial revenue of 83% to more than VND43 billion, profits from joint ventures were reduced by half to about VND20 billion, while sales expenses skyrocketed by 185% to VND121 billion, after-tax profits of enterprises only reached VND97.5 billion, down 39% over the same period in 2024.
In the first 6 months, thanks to the breakthrough results in the first quarter, Nam Long achieved net revenue of VND2,064 billion and profit after tax of VND207 billion, up 4 times and 3 times compared to the same period last year. This is considered a bright spot in the contrasting picture of the listed real estate group when many other businesses are still in difficulty.
Similarly, Becamex IDC achieved VND 1,677 billion in pre-tax profit in the second quarter, up 4.5 times compared to last year; Dat Xanh Services made a profit of VND 382 billion, 4 times; Cen Land, TTC Land and Nha Da Nang all recorded three-digit growth. In particular, Giang Vo Exhibition created a breakthrough with 440 billion VND in second quarter profit and more than 19,000 billion VND in 6 months - an outstanding increase thanks to transfer activities. Even big names like Vincom Retail or Kinh Bac City have maintained stable growth momentum, showing the clear momentum of the entire industry.
