Maximum Provisioning Leads Bamboo Capital’s Energy Company from Profit to Loss After Audit

BCG Energy JSC (BGE) recently published its audited financial report for 2024, revealing a total revenue of nearly VND 1.278 trillion, up 13.5% from the previous year, but facing a pre-tax loss of VND 742 billion and a post-tax loss of VND 766 billion, contrasting with a profit of VND 394 billion in its self-prepared report. The main reasons include a drastic decrease in profits from joint ventures and a significant increase in management expenses due to large provisioning. BGE also has considerable liabilities from receivables and investments, while overdue receivables from clients have not been assessed for credit losses. The financial sector has been severely impacted following the crisis at its parent group, Bamboo Capital (BCG), resulting in BGE’s shares being restricted from trading and its shareholders’ meeting postponed. To address this, BGE is undergoing restructuring and collaborating with a new auditing firm to finalize the 2024 financial report. A positive note is the introduction of experienced personnel in finance.