In advance of schedule, Hai Phat Investment Joint Stock Company repurchased tens of billions of dong worth of bonds.

DNHN - The results of the repurchase of premature bonds of Hai Phat Investment Joint Stock Company (HoSE: HPX) were recently disclosed by the Hanoi Stock Exchange.

As a result, Hai Phat repurchased 62.5 billion VND of bond code HPXH2124001 on May 11-12, 2023, bringing the total amount of outstanding bonds to 260 billion VND. This is the second time that Hai Phat has repurchased bonds before their 2023 maturity. Additionally, this firm repurchased 62.5 billion VND of the aforementioned bond lot on February 6.

The HPXH2124001 was introduced on May 5, 2021, featuring a three-year term and a nominal value of 650 billion VND. The complete earnings are allocated towards financing land use fees and low-rise construction expenses for housing investment project No. 1, which is situated on a pedestrian street in Bac Giang City's Southern Urban Area.

Through an arrangement between the Military Commercial Joint Stock Bank (MBBank) and MB Securities Joint Stock Company (MBS), a credit institution acquired the entire batch of bonds.

Compared to the beginning of the year, HPX's total liabilities decreased by nearly VND 1,000 billion by the end of the third quarter of 2023, to VND 5,053 billion. Despite experiencing a reduction of nearly 650 billion VND, Hai Phat Invest's financial debt still constituted over half of its total liabilities, comprising 1,537 billion VND in long-term loans and 1,133 billion VND in short-term loans.

The principal source of financial debt for Hai Phat is VND 2,290 billion in bond issuance-related obligations, which account for 86% of total financial debt.

Concerning the organization's activities, the 2023 Annual General Meeting of Shareholders was effectively coordinated by Hai Phat on October 21. During this gathering, numerous significant resolutions were approved, such as the selection of a new Board of Directors for the period 2023-2028 and the business strategy. 2023... It is worth noting that the shareholders of this organization also granted their approval for the 2023 semi-annual financial statements.

Subsequently, on November 3, the Ho Chi Minh City Stock Exchange determined to withdraw HPX shares from the warning area, citing the listed organization's successful resolution of the issue that precipitated the warning situation.

In terms of the business environment, Hai Phat generated VND 301 billion in sales and service provision revenue during the third quarter of 2023, a decrease of over 58% compared to the corresponding period of the previous year. Since then, the gross profit has decreased by 74% to 64 billion VND.

Throughout the period, financial expenses decreased by approximately 60% to 40 billion VND, with interest expenses comprising 37.6 billion VND of the total. Additionally, expenditures on business management fell by over 11.5 billion VND or nearly 7 billion VND. As a result of subtracting taxes and expenses, Hai Phat reported a profit after tax of 4.3 billion VND, which is a decrease of over 95% compared to the 93 billion VND profit it generated during the same period last year.

Profit after tax for the first nine months of the year amounted to 61.5 billion VND and revenue of 1,197 billion VND, both of which were decreased by 8.5% and 50%, respectively, in comparison to the corresponding period in 2022, representing a completion rate of 48%. Profit and revenue projections of 51% are established for 2023.

P.V (t/h)