Property developer Phat Dat's revenues in free fall

By Phuong Dong   October 23, 2022 | 05:49 pm PT
Property developer Phat Dat's revenues in free fall
Housing projects in HCMC’s Thu Duc City. Photo by VnExpress/Quynh Tran
Phat Dat, one of the six largest property companies firms on the stock market, reported a slump in third quarter revenues to VND11 billion (US$444,000).

They were down from nearly VND1.27 trillion a year earlier and the lowest since late 2018.

In the year to date, the HCMC company's revenues were VND1.5 trillion while pre-tax profits were VND920 billion.

Phat Dat targets VND10.7 trillion and VND3.635 trillion for the full year, up 195% and up 56% from 2021.

Its chairman, Nguyen Van Dat, said the company is expanding its land bank for both civil projects in HCMC and industrial developments in southern and central localities like Binh Duong, Dong Nai, Dong Thap, Ba Ria - Vung Tau, and Quang Ngai provinces and Da Nang City.

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