Novaland back in the black

By Tat Dat   October 30, 2023 | 08:18 pm PT
Novaland back in the black
Villas and resorts at NovaWorld Phan Thiet Project in central Binh Thuan Province. Photo courtesy of Novaland
Real estate developer Novaland reported an after-tax profit of VND136.7 billion (US$5.7 million) in Q3, after two quarters of losses.

Although the number marks the end of the recent downward trend, the figure for the period is still down 42% on-year

.Novaland incurred a total loss of VND1.094 trillion in the first half of this year, according to its newly released consolidated financial statements.

Its management board reported that due to the general difficult situation of the real estate market, its third quarter revenue decreased by 67% on-year to VND1.073 trillion. But the mark was still the highest revenue quarter of this year so far.

In the first nine months, Novaland made a total consolidated revenue of VND2.73 trillion and a loss of VND958 billion, compared with a revenue of VND7.9 trillion and profit of VND2.05 trillion over the same period last year.

Novaland’s 2023 profit target is VND214 billion in total for the year.

Since the beginning of 2023, the firm has launched several real estate projects, including NovaWorld Phan Thiet in the central province of Binh Thuan, NovaWorld Ho Tram in the southern province of Ba Ria - Vung Tau, Aqua City in the Ho Chi Minh City-adjacent Dong Nai Province, as well as Palm City and Saigon Royal in Ho Chi Minh City itself.

By the end of the third quarter, Novaland’s total liabilities were VND205.46 trillion, with loans accounting for VND58.9 trillion.

Meanwhile, the firm had a total real estate inventory of VND137.6 trillion.

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