Previously, on March 29, Vietnam Airlines Corporation (Vietnam Airlines, stock code HVN) applied to the Ho Chi Minh City Stock Exchange (HOSE) and the State Securities Commission of Vietnam(SSC) for a temporary deferral of the audit report publication (the fiscal year 2022). The reason for this is that the corporation is in the process of reorganizing and integrating 5 affiliated units, thus comparing reported data amongst agencies will take some time.
Furthermore, under the COVID-19 pandemic’s impact, Vietnam Airlines negotiated and accepted (conditionally) numerous international suppliers, allowing the airline to decrease the prices of products and services and defer payments. Vietnam Airlines need a longer time to compare and validate the debt due to changing contract performance requirements.
In response to the above information, the State Securities Commission stated on April 11 that the reason given by Vietnam Airlines does not fall under the category of force majeure reasons that allow for the suspension of audited financial statements, such as natural disasters, fires, wars, epidemics, and so on.
As a result, the State Securities Commission asked that Vietnam Airlines complete the information disclosure in compliance with the rules as soon as possible.
HOSE previously said that HVN shares might be delisted if the audited consolidated financial statements in 2022 continued to show a negative net loss or equity.
In fact, according to its independent financial statements, the national airline incurs a net loss of 10.4 trillion dongs in 2022, marking the third straight year of losses. At the end of 2022, equity is minus 10,000 billion dongs.
At the end of session 12, HVN shares were valued at 13,150 dongs per share on the stock market. For more than a month, this ticker has been moving sideways in a narrow range.