Tu Liem House made a profit of more than 51 billion dong in the second quarter, no longer owed to the bank

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Thanks to the revenue from the North National Highway 32 urban area project, Lideco reported a 21% increase in profit in the second quarter over the same period. The enterprise has paid off more than 123 billion dong of bank debt in the first 6 months of this year.

Tu Liem Urban Development Joint Stock Company (Lideco, Code: NTL) has just announced its financial statements for the second quarter of 2021 with net revenue of more than 109 billion dong, up 8% and NPAT reaching more than 51 billion dong, up 21% over the same period last year.

In which, real estate revenue increased from more than 100 billion dong in the same period to over 107 billion dong, this is also the segment that accounts for the largest proportion in Lideco’s revenue structure. In addition, service provision revenue in this quarter also increased from nearly 704 million dong to more than 1.8 billion dong.

The company’s gross profit margin remained at 63% in the second quarter of this year.

According to Lideco’s explanation, the increase in profit in the second quarter was due to the fact that the company recognized the revenue of a number of villas that customers had paid in full and received at the project of Northern Urban Area National Highway 31 (Hoai Duc District, Ha Noi City). Noi), leading to an increase in revenue compared to the same period last year.

Accumulated in the first 6 months of the year, the business recorded more than 159 billion dong of net revenue and nearly 65 billion dong of EAT, up 11% and 19% respectively over the same period in 2020.

In 2021, Tu Liem House sets a target of 800 billion VND in total revenue (up 21%), 280 billion VND in EAT (down 5%) compared to the implementation results in 2020. Accordingly, the company has only achieved 20% revenue plan and 23% annual profit plan.

Lideco’s business results. Unit: Billion VND. (Source: synthesized by H.L).

By the end of June, Lideco’s total assets were over VND 1,816 billion, unchanged from the beginning of the year.

In which, inventory still accounts for more than VND 1,237 billion, focusing mainly on production and unfinished business costs at projects: 23 ha Bai Muoi area, Ha Long city (more than 554 billion VND), urban area new town North Highway 32 (nearly 310 billion VND) and Dich Vong (more than 261 billion VND).

By the end of the period, the company’s liabilities increased slightly compared to the beginning of the period to nearly 669 billion dong, mainly short-term debt. In which, short-term prepayment increased sharply from 58 billion dong at the beginning of the period to more than 251 billion dong (mainly the amount prepaid by customers at the North Highway 32 project).

In addition, the company has paid off more than 123 billion dong of bank debt in the first 6 months of this year, all of which are short-term loans. The business has no long-term loans.

Lideco’s cash flow from operating activities in the first 6 months of the year improved significantly with nearly 156 billion dong, while the same period recorded only nearly 4 billion dong.

Source: vietnambiz.vn – Translated by fintel.vn