Dat Xanh Real Estate Services and Construction JSC (DXG – HOSE) announced its first half FY17 results with net revenue of 879.3 billion, decreased by 19% over the same period; after-tax profit reached VND270 billion, raised by 64%.
In which, revenue from brokerage and secondary investment reached VND443 billion, up 81% year on year last year thanks to a higher number of units sold - 5,743 units (an increase of 109% year on year).
Revenue from real estate development was reaching only VND365 billion, a decrease of 53% year on year, mainly contributed by the handover of more than 196 units at Luxcity, District 7.
Luxcity's interior amenities have been completed
Construction revenue also fell by 41% yoy to VND40.2bn after the completion of contracts such as Full House and Topaz Garden. While new contracts such as Hai Au (District 9), Viva Square (Dong Nai) and Marian Tower (Binh Duong) are still under construction.
In the second quarter of 2017 alone, DXG's net revenue was just VND293 billion, decrease by 62% year on year. Profit after tax was VND81.31 billion, down 40% yoy, of which after-tax profit of the partent company's shareholders was VND51.3 billion, fell by 57% yoy.
According to DXG's explanation, the company's investment projects are being developed, and revenue recognition is only be made when the projects are completed and handed over.
As of 30 June, 2012, Dat Xanh's cash and cash equivalents was VND 2,731 billion, up 20% from the beginning of the period, after an additional mobilizing of VND1,172 billion by the issuance of purchase right to shareholders in Q4, 2016.
Total loans increased by 148% compared to the beginning of the period, at VND1,695 billion. Of which, 537 billion of short-term debt, 18 billion of long-term debt and 1.140 billion dong of ordinary bonds.
In the first half of this year, DXG issued VND400 billion of 3-year bonds for VP Bank and VND390 billion of 4-year bonds at a coupon interest rate of 9% for VIB.
Lac Nhan