HAGL Agrico recorded a record loss of VND 2,800 billion in the fourth quarter of 2022. Photo: IT
HAGL Agrico Joint Stock Company (HNG) has just announced the consolidated financial statements of the fourth quarter of 2022 with revenue of only 151 billion VND. Deducting expenses, HNG’s net loss is nearly 2,800 billion dong. In which, the net loss on business activities is more than 555 billion dong; The loss due to recording the cost of converting orchards was more than VND 2,127 billion and other losses of nearly VND 111 billion.
The reason for HNG’s record loss in the quarter consisted of 4 problems.
Firstly, due to the impact of Typhoon Noru at the end of September 2022 and labor shortage in Laos, the banana harvest decreased by 68% compared to the same period in the fourth quarter of 2021.
Second, the purchase price of fertilizer over the same period in the fourth quarter of 2021 increased by 35%, agricultural materials and packaging increased by 18%.
HNG also announced that during the year it had paid the first installment of debt to HAGL (HAG) with the amount of 600 billion dong. Since then, HNG has received the land use right of 9,470 ha and assets owned by Hoang Anh Andoung Meas Co., Ltd (HAG sold to Thaco).
Thirdly, shipping charges increased by 9% (from 2,198 USD/Cont to 2,390 USD/Cont) compared to the fourth quarter of 2021.
And fourthly, due to the enterprise’s review of accounting books, the unaccounted costs of converting orchards in 2020 and earlier include rubber, oil palm and fruit trees with the total cost. 2,127 billion VND.
In the whole year of 2022, HNG recorded a revenue of VND 742 billion. Deducting expenses, HNG lost nearly 3,566 billion dong. Correspondingly, the total accumulated loss by the end of 2022 will reach VND 6,993 billion.
Regarding the plan for 2023, HNG plans to produce 118,529 tons of fruit, equivalent to a revenue of VND 1,586 billion.
Total investment next year is estimated at 1,973 billion dong, for the following items:
– Fruit trees Invest in irrigation and electricity systems, build packing workshops, housing workers… with 370 billion dong. Investment in machinery and equipment is 60 billion and 440 billion for planting new trees and taking care of gardens.
– Cattle raising: The company first invested in a semi-grazing cow breeding farm with a scale of 14 groups of barns and imported 14,000 breeding cows, with an estimated total investment of VND 1,055 billion. copper.
– Nong Khang Airport: Continue to complete the investment with a total estimated value of 48 billion VND.