Banner 01
Banner 02
Banner 03
Banner 04
Banner 05
Banner 06
Banner 07
Banner 08
Banner 09
FIND MORE PROPERTIES
Rental/Month (USD)  ~ 
Bedroom number
Bathroom number
Location
 

Vietnam’s HAGL plays down 'negative watch' rating status

HAGL Joint-Stock Co., Vietnam’s second largest listed property developer by market value, has been placed on negative watch by Fitch Ratings for its tight liquidity, but the company said cash flows will be stronger in the coming months.

The company’s cash balance as of 31 March was substantially lower at VND1.7 trillion, compared with VND2.9 trillion as of the end of last year, primarily due to capital expenditures of VND1.6 trillion incurred during the first quarter, Fitch pointed out.

“The negative watch reflects HAGL’s continued tight liquidity, with its real estate inventory as of 31 March 2012 little changed from end-2011 levels. Also, HAGL’s new non-property businesses of iron ore mining, hydro power and plantations are yet to start generating meaningful revenues.” 

According to Fitch, the ‘B’ long-term foreign and local currency issuer default ratings will be downgraded if HAGL’s cash balance continues to shrink as of end-June. The ratings may be affirmed if HAGL improves its cash balance to VND3 trillion and if its new businesses start generating “meaningful” revenues.

Vo Truong Son, deputy general director of the company, told news website VnExpress that it is unlikely that the cash balance could reach that level by June since there is not much time left.

 

However, Son said revenues will increase sharply in the final months of the year when interest rates fall and some of its power projects come online.

He also said Fitch’s assessments failed to reflect the real situation of Vietnamese companies.

According to VnExpress, HAGL (HAG) has jumped nearly 40 percent this year on the Ho Chi Minh Stock Exchange despite ongoing concerns about its financial situation and the property market as a whole.

(Nguồn: thanhniennews)
[ Back ]
Other news
Anantara unveils its first property in Vietnam
Mapletree to launch three new property funds in China, Vietnam, Japan
Developers urged to a take long-term view in Vietnam's property market
Gamuda's Vietnam projects doing well despite high interest rates
Property market 'in the spotlight’
Vietnam bank launches lending package for real estate market
Vietnam may push for more houses for rent
Mini apartments go against development trend, experts say
Vietnam's top 10 architecture, property firms recognized
Ha Noi builds property price index
High demand for affordable homes in Vietnam
Lê Quyền
0942577677 ( in Vietnam)
(+84)942.577.677 (in Abroad)
Send a message
Latest Properties Popular Properties Featured Properties
House for rent in hanoi
Copyright © 2009 FULL HOUSE Co., Ltd. (Vietnam). All rights reserved.
Công Ty TNHH Ngôi Nhà Trọn Vẹn (GPKD: 0103257039 do sở Kế hoạch và đầu tư cấp ngày 20/01/2009)
Người đại diện: Lê Kim Quyền - ĐT: 0942.577.677 - Email: fullhouse128@gmail.com
Head Office: No.80 Lane 12 Dang Thai Mai street, Quang An Ward, Tay Ho District, Hanoi -  
Tel: (024)2246.2811/ (024).2246.2822 - Fax: (024)2246.2822 - Hotline 24/7: 0984.868.678/0942.577.677 - Email: fullhouse128@gmail.com
Developed by Full House Property | Privacy Policy (Chính sách)
Facebook Chat
Follow us on: