Business generates only 5 billion VND in a year, incurs a loss of 63 billion VND, what does Danh Khôi Group say?

Danh Khôi Group (HNX: NRC) reported a net revenue of 5 billion VND and a loss of 63 billion VND for 2024. The significant loss is attributed to: 1) A sluggish real estate market, hindering product sales; 2) Inability to recognize revenue from investment cooperation contracts due to legal issues; 3) Provisioning due to partners’ financial difficulties, increasing management costs. Although they planned to spend 195 billion VND to buy a part of the Dai Nam residential project, this could not be executed due to financial hardship. The group plans to issue 100 million shares to raise 1 trillion VND for debt repayment and project investment. Additionally, Danh Khôi will expand into high-tech agriculture in Ca Mau and Dak Lak.