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In the third quarter of the 2025-2026 fiscal year, Coteccons’ debt rose 2.3 times, pushing interest expenses to a record high and raising questions about the sustainability of its growth. Coteccons Construction Joint Stock Company (CTD) reported Q3 results for the period July 1, 2025 to June 30, 2026.
Revenue reached VND 6,409 billion, up 28% year-on-year, with nearly all growth coming from the construction segment. Gross margin improved from 3.12% to 4.48%, reflecting better execution efficiency and cost control.
Financial income totaled VND 103 billion, mainly from interest on deposits, supporting overall performance. Net profit after tax for the quarter was VND 119 billion, up 2.1 times from the same period last year.
Despite higher revenue, interest expense surged to VND 110 billion in the quarter, more than triple the year-ago level. By the end of March, total borrowings were VND 7,035 billion, up more than 2.3 times from the start of the fiscal year, with the majority in short-term debt.
Operating costs also rose across selling and administrative areas, reflecting rapid expansion but increasing the operational burden.
For nine months, revenue reached VND 23,868 billion (+43%), while net profit after tax rose to VND 642 billion (+75%), nearing the annual plan.
With full-year targets of VND 30,000 billion in revenue and VND 700 billion in profit, the company has completed about 80% of the revenue target and nearly 92% of the profit target.
Backlog for nine months reached nearly VND 48,000 billion, lifting total backlog to around VND 65,500 billion, reported as a record. The repeat-sales ratio remained above 75%, indicating credibility with major investors.
Even with improved revenue and profit, the asset structure suggests cash-flow pressure. Trade receivables account for about 40% of total assets, while inventories—mostly work-in-progress—rose to over VND 9,100 billion.
Overall, Coteccons is described as operating in a “growth with leverage” stance: performance is improving, but financial pressure is mounting. The key challenge ahead is not only scaling up, but also managing cash-flow risk and the cost of capital in a volatile construction cycle.
Separately, Coteccons announced the resignation letter of Mr. Nguyen Van Dua, Deputy General Director and CFO.
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