Merryland Quy Nhon investor’s profit dropped sharply

In a report sent to the Hanoi Stock Exchange (HNX), Hung Thinh Quy Nhon Entertainment Services Joint Stock Company said its profit after tax in the first half of the year reached nearly 188 billion VND. This level decreased by more than 73% compared to the same period last year. Although profitable, the company still has 697.5 billion VND in accumulated losses that have not been cleared.

By the end of June, Hung Thinh Quy Nhon’s equity reached more than 6,867 billion VND, an improvement of nearly 7%. The increase mainly comes from capital from outside shareholders in the business’s subsidiaries.

Total liabilities this period recorded nearly 26,995 billion VND, 4% higher than the same period. However, financial debt remains low, of which more than VND 2,373 billion is bank loans.

Outstanding bond debt decreased sharply by 93%, to more than 425 billion VND. Thanks to that, the ratio of outstanding bond debt to equity is only 0.06 times. Lowering this ratio shows that the company has reduced its dependence on loan capital for long-term business activities.

As of the end of June, Hung Thinh Quy Nhon still has payment obligations for a batch of bonds with an initial issuance value of VND 1,600 billion. According to the plan, this amount must be paid from the end of May 2025. However, by May 22 this year, the business had only paid more than 1,174.6 billion VND. With interest, during the reporting period, the company had to pay more than 41 billion VND, equivalent to an interest rate of 10% per year, but by the end of June there was still no payment.

The company said that due to unfavorable developments in the financial and real estate markets, they had not yet arranged enough money to pay on time as planned. However, by July, Hung Thinh Quy Nhon had completed the settlement of this bond package.

Hung Thinh Quy Nhon Entertainment Services Joint Stock Company is a member of Hung Thinh Group. This enterprise is implementing 3 projects in Gia Lai province, notably MerryLand Quy Nhon. Formerly known as Vinpearl Hai Giang, the project was restarted by Hung Thinh in 2018. MerryLand Quy Nhon is planned on an area of ​​nearly 1,000 hectares with 25 subdivisions, Hung Thinh hopes to help the province’s tourism capital become a funnel to welcome many international tourists.