After review, many businesses recorded hundreds of billions in additional profits, notably Tu Liem Urban Development JSC (Lideco, HOSE: NTL).
Accordingly, Mr. Le Minh Tuan - Chairman of the Board of Directors, said that there was an increase of more than VND 536 billion in sales and service provision revenue to VND 1,416 billion, equivalent to a 61% increase after audit.
Cost of goods sold increased by 195 billion VND after audit; Sales and administrative expenses increased by 13 million VND.
Since then, the company's profit has increased by nearly VND251 billion, equivalent to a 63% increase compared to self-made figures, to approximately VND652 billion.
Mr. Tuan explained that the auditing unit had added revenue and cost of goods sold to customers of the Bai Muoi Urban Area project (in Cao Thang, Ha Khanh, Ha Lam wards - Ha Long city, Quang Ninh province) - although there was still debt until June 30, 2024, it was determined that it was eligible to record revenue in the first 6 months of 2024.
Compared to the same period, the unit's net profit increased by 23,509%, meaning that the unit exceeded the 2024 profit plan target, while if considered based on self-made numbers, the unit's net profit only reached 57% of the plan.
In addition to Lideco, Binh Duong Production - Import - Export Corporation - JSC (UPCoM: PRT) also recorded a net profit increase of up to 300%.
Accordingly, due to the reversal of financial investment provision expenses of subsidiaries, joint ventures and associates when re-determined according to audited reports at the units, net profit increased from VND 2 billion to VND 8 billion after review.
Next is a company belonging to the Petrolimex family, Petrolimex Waterway Petroleum Transport Joint Stock Company (HOSE: PJT).
In the parent company's business performance report prepared by this unit, there are 7 indicators that differ from the audited report.
The cost of goods sold recorded a decrease of more than VND 14 billion after audit, down to more than VND 296 billion. Therefore, gross profit from sales and service provision increased to the same level, reaching more than VND 43 billion after audit.
In addition, business management costs increased by 326 million VND, net profit from business activities increased by more than 14 billion VND.
Total pre-tax accounting profit reached more than 33 billion VND instead of just over 19 billion VND as in the self-prepared report.
After recalculating taxes, PJT recorded an increase in net profit of VND 11 billion, reaching approximately VND 27 billion after audit.
According to the explanation, the cost of goods sold decreased by more than VND 14 billion due to the adjustment to reduce the provision for major repairs in 2024 and the following years.
Before 2023, PJT implemented major repair costs for assets using the actual payment method during the year. However, at the end of 2023, KPMG Auditing Company recommended that PJT implement the pre-accrual method to synchronize with the accounting policy in Petrolimex Waterway Transport Corporation.
However, when it came to the audit period to review the financial statements for the first 6 months of 2024, KPMG auditors did not agree with the pre-accrual method and proposed to return to the actual payment method in 2024, so the report showed an unexpected major repair provision cost of more than 15 billion VND.
In addition, direct salary expenses increased by nearly VND925 million due to additional salary funds allocated based on business results in the first 6 months of this year. Business management expenses increased due to additional salary funds for management and indirect sectors, so after-tax profits increased accordingly.
A case of strong increase in net profit after the 2024 semi-annual review is An Tien Industries JSC (HOSE: HII) when it recorded an additional nearly 28 billion VND, an increase of 101.32% compared to the self-made report.
According to the explanation, the main reason is due to the adjustment to reduce financial operating expenses and increase profits from joint ventures and associates.
