Ha Do Group (HDG) recently announced its audited financial report for 2024, with pre-tax profit decreasing by 307 billion VND (35%) compared to its earlier self-reported figures, down to 572.8 billion VND. The primary reasons include a 93 billion VND increase in management costs and a 223 billion VND increase in other expenses, including a 209 billion VND short-term provision for the Hong Phong 4 Solar Power Project. This project has an investment capital of 1.1 trillion VND and was recently inspected by the Government Inspectorate, raising the possibility of reclaiming the FIT incentives received. The Ministry of Industry and Trade reported on the supervision and adjustment of solar energy projects that do not meet eligibility criteria for receiving preferential pricing. While the company also has another project, Infra 1 Solar Power, many issues regarding electricity pricing determination still exist, and there is no official conclusion from responsible authorities.
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