A Series Of Real Estate Companies Owe Financial Reporting

For many different reasons, many real estate companies have applied for an extension of the time to disclose the separate financial statements and consolidated financial statements for 2017.

According to the statistics of the Ho Chi Minh City Stock Exchange, up to now, dozens of real estate companies apply for the extension of disclosure of the separate financial statements and consolidated financial statements in 2017.

For example, An Duong Thao Dien Real Estate Trading and Investment Joint Stock Company has approved the extension of the first quarter financial report within 30 days of the end of the quarter.

The semi-annual financial statements shall be re-examined within 60 days after the end of the first six months of the financial year and the extension of the time limit for publication of the annual financial statement must be made no later than 100 days after the end of the fiscal year.

Debt status The financial statements of real estate companies have flourished this year

The reason is that An Duong Thao Dien Real Estate Investment and Trading Joint Stock Company has given time to prepare the separate financial statements of its subsidiaries and to process consolidated data.

Similarly, Mien Dong Joint Stock Company and Thuduc Housing Development Corporation also sent an official letter to Ho Chi Minh City Stock Exchange with the purpose of extending the financial statement for 2017.

The reason given by these two companies is because they are investing in many subsidiaries and joint venture companies, spreading in many regions … so the data collection for the financial report wasting a lot of time.

At the end of 2016, Khang Dien Housing Investment and Trading Joint Stock Company was also approved by the State Securities Commission to extend the period of financial report 2016 until the end of the first quarter of 2016.

Similarly, many other companies such as: Technical Infrastructure Development Joint Stock Company, Ho Chi Minh City Infrastructure Investment Joint Stock Company, Long Giang Investment and Urban Development Joint Stock Company Ha Long Investment and Consultancy Joint Stock Company … is also extending the financial report for 2017 under the application for extension.

Talking to a reporter, a securities expert said that the companies would simultaneously extend the time to disclose the separate financial statements and consolidated financial statements in 2017 is to have more time accounting data processing.

“Usually, the second quarter with III, the companies will report on time but the second quarter is always late. The reason is that companies must handle revenue, profitability on a reasonable basis. For example, the company’s revenue of VND100 billion cannot make a profit of 10-10 billion, “said the expert.

Normally, the second quarter with III, the companies will report on time but the second quarter is always late

He added that the debt of financial statements began to grow in 2015, the Ministry of Finance issued Circular 155 on disclosure of information on the stock market. Accordingly, a listing organization or a large-scale public company must publish the quarterly financial report within 20 days from the end of the quarter.

However, by the end of 2016, the debt status of the financial report has started to bloom. These units must also publish their revised quarterly financial reports within five days after the audit organizations sign the review reports.

If a listing organization or a large-scale public company cannot complete the quarterly financial statement disclosure within the above-said time limit, the State Securities Commission shall consider and extend the time limit for publication of quarterly financial reports at the written request of the company, but must not exceed 30 days after the end of the quarter.

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