Tran Anh reports consecutive net loss in third quarter

February 02, 2018 | 14:42
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On the verge of a merger with Mobile World Investment Corporation (MWG), Tran Anh Digital World JSC (Tran Anh) revealed a consecutive net loss of VND55 billion ($2.42 million) in its financial statement for the first nine month of the financial year ending on March 31, 2018. 
tran anh reports consecutive net loss in third quarter
Tran Anh reports consecutive net loss in third quarters

Accordingly, Tran Anh reported a plunge in business results in the third quarter of the financial year. Notably, Tran Anh only earned VND642 billion ($28.2 million) in net revenue from sales and services, down 35 per cent on-year.

The accumulated net revenue during the three quarters decreased by 16 per cent to VND2.46 trillion and the accumulated net loss reached VND55 billion ($2.42 million).

Previously, the firm revealed a net loss of VND11.8 billion ($519,672), exceeding the net loss stated in its unaudited financial statement by VND4.8 billion ($211,392).

Apparently, there was a notable discrepancy between Tran Anh Digital’s 2017 audited and unaudited financial statements that highlighted a larger net loss right before the merger with MWG.

As of the end of the third quarter of this financial year, the firm had total assets of VND1.22 trillion ($53.7 million), up just VND40 billion ($1.76 million) against the earlier financial statement. Meanwhile, the firm shouldered a debt of VND1 trillion ($44.03 million).

The board of directors at Tran Anh pointed out that the recently leaked information on the merger negatively influenced customer behaviour and shrunk the company’s revenue.

Tran Anh is a Hanoi-based enterprise which trades in and provides maintenance services for computers, electronics, household appliances, and telecommunications equipment in Vietnam.

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