FLC posts losses of $31.7 mln

By Anh Tu October 31, 2022 | 06:13 pm PT

FLC Grand Hotel Quy Nhon in Binh Dinh Province. Photo courtesy of FLC

Property company FLC has racked up after-tax losses of VND785 billion (nearly $31.7 million) in the third quarter alongside significant fall in revenues.

The company saw its revenues plunging 70 percent to VND430 billion, according to its latest consolidated financial statements. It said its financial revenues were approximately VND18 billion, down over 15 times.

FLC posted losses of VND1.89 trillion in the first nine months of this year. It reaped profits of nearly VND70 billion in the same period last year.

The revenues fall was attributed to a stagnant real estate market, FLC said.

By the end of September, FLC’s short-term loans and finance leases increased by over 56% against early this year to VND3.19 trillion, while long-term loans decreased by the same rate to more than VND1.82 trillion.