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Construction projects, share sales boost HAGL figures

Update: October, 18/2014 - 09:43
The company also reported that total revenues for the first nine months of the year reached VND2.4 trillion ($113.2 million), a 19.2-per cent year-on-year increase.— Photo baodautu
HA NOI  (VNS) — Property developer Hoang Anh Gia Lai (HAGL) reported VND777.5 billion (US$36.6 million) in revenues in the third quarter of this year, mostly from construction deals and share sales.

According to HAGL, the revenues represent a 29.7-per cent year-on-year increase. The company also reported that total revenues for the first nine months of the year reached VND2.4 trillion ($113.2 million), a 19.2-per cent year-on-year increase.

It also exceeded its annual target for profits, which reached VND1.7 trillion ($80.1 million). In the first six months, agricultural products accounted for the highest percentage in the company's revenue structure, but in the last quarter, building contracts worth VND208 billion ($9.8 million) took up the highest proportion of revenues at 27 per cent.

Revenues in the third quarter reached more than VND925 billion ($43.6 million) or triple that of the same period last year. Specifically, share sales in subsidiary units reached VND756 billion ($35.6 million), soaring by a whopping 258 per cent.

HAGL reduced its stake in Hoang Anh Housing Development from 98.2 per cent to 85.7 per cent, Hoang Anh Gia Lai Malaysia from 98.2 per cent to 85.7 per cent, and Hoang Anh Gia Lai Bangkok from 46.14 per cent to 40.2 per cent.

The group also divested from a hydropower plant in the central highland province of Dak Lak.

In the agricultural product category, sugar turnover continued to lead with VND180 billion ($8.4 million), increasing significantly compared with the VND9 billion ($424,500) in the third quarter last year. Meanwhile, Rubber latex sales rose to VND73 billion ($3.4 million) in spite of declining prices.

However, HAGL liabilities as of September 30 added more than VND3 trillion ($141.5 million) from the beginning of this year, reaching more than VND19 trillion ($896.2 million) or far exceeding its equity value of VND14.5 trillion ($683.9 million).

HAG shares closed yesterday's session higher by 0.4 per cent to VND24,900 ($1.1). — VNS

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