Dat Xanh Group reports first loss in 15 years

By Dat Nguyen   March 24, 2021 | 01:00 pm GMT+7
Dat Xanh Group reports first loss in 15 years
People gather at a promotion event of Dat Xanh Group. Photo courtesy of Dat Xanh Group.
Property developer Dat Xanh Group was in the red for the first time last year since 2006, posting losses of VND496 billion ($21.38 million) amid plummeting revenues and rising costs.

The Ho Chi Minh City-based developer of apartment and officetel projects saw revenues halve to VND2.9 trillion. Costs quadrupled to VND858 billion.

The company said the poor figures were mainly due to the Covid-19 outbreak, which caused delays in cash flows from some projects.

The value of its over 20 unfinished projects rose by 49 percent as of the end of the year to VND9.6 trillion.

Debts rose 35 percent to VND5.9 trillion.

Its DXG shares on the Ho Chi Minh Stock Exchange gained 268 percent since the end of July last year, but has given up nearly 8 percent this week.

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