Novaland, a real estate investment company based in Vietnam, saw a significant increase in revenue during the first quarter of 2023. The increase came from the handover of key projects in Ho Chi Minh City and suburban areas, resulting in net revenue from sales and service provision exceeding 697 billion VND. However, despite the increase in revenue, financial revenue decreased by more than 30% to about 640 billion VND due to exchange rate differences. This led to an after-tax loss of nearly 601 billion VND, a 46.5% increase compared to the same period in 2023.
Novaland’s Chairman of the Board of Directors announced that the company has completed the restructuring of domestic and foreign debts and bonds, maintaining a balanced assets for debt ratio. The Board also approved a plan to issue shares worth more than 11,700 billion VND to existing shareholders, with an expected offering time in the second quarter. The capital raised will be used to complete unfinished projects and hand them over to customers.
Looking ahead, Novaland aims to achieve consolidated revenue of nearly 32,600 billion VND and a profit after tax of nearly 1,080 billion this year. Key projects generating revenue in the coming months are expected to be Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, and housing projects in Ho Chi Minh City, with a total of nearly 5,200 units set to be delivered. Despite challenges such as exchange rate differences and other macroeconomic factors
