- 2022-01-27T00:00:00
- Company Research
CTD reported weak Q4 2021 results with revenue of VND2.9tn (USD126.0mn; -32% YoY) and a net loss of VND63bn (USD2.8mn) that were mostly due to 1) high construction material costs and high labor costs, which caused a VND3.0bn (USD0.1mn) loss at the gross profit level, and 2) high SG&A expenses as CTD booked a VND111.7bn (USD4.9mn) provision for doubtful receivables in Q4 2021. We note this is CTD’s second consecutive quarter of net losses — Q3 2021’s net loss of VND12bn (USD0.5mn) was due to disrupted domestic construction activities as a result of the fourth wave of COVID-19 in Vietnam. |
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