Phat Dat (PDR): Q1 2025 revenue 2.7 times higher than last year but profit decreases, issued 34.1 million shares to convert debt

Phat Dat Corporation (PDR) reported Q1 2025 revenue of nearly VND 438 billion, up 2.7 times year-on-year, primarily from the Bac Ha Thanh project. However, a significant increase in cost of goods sold resulted in a gross profit rise of only 8.7% to VND 175 billion. Net profit from operations grew by 51% year-on-year to VND 64.6 billion, while net income after tax was VND 50.6 billion, down 4% from Q1 2024. Total assets stood at over VND 23,094 billion, down nearly 4% from the beginning of the year, with 89.5% as current assets. Liabilities decreased by VND 940 billion to VND 11,986 billion. To alleviate debt pressure, PDR issued approximately 34.1 million shares at VND 20,000 each, totaling around VND 341 billion.