•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
DRH Holdings (HoSE: DRH) reported a net loss of nearly VND 25 billion in Q1 2026, citing revenue that was too small to cover operating costs. Finance costs rose to nearly VND 33 billion, further weighing on results.
In Q1 2026, net revenue reached only VND 858.4 million, while cost of goods sold was VND 1.8 billion. This led to a gross loss of about VND 923 million.
Other business lines showed limited improvement. Revenue from financial activities was VND 7.7 billion, while profit from associates and joint ventures contributed about VND 5.5 billion, roughly unchanged versus the same period.
Costs remained elevated. Finance costs totaled VND 32.8 billion, and administrative expenses were VND 3.6 billion, down slightly. The combination of low revenue and high costs extended the company’s weak operating performance.
The Q1 2026 results extend DRH’s long decline. The company recorded 10 consecutive quarterly losses from Q2 2023 to Q3 2025. The small profit reported in Q4 2025 was described as a timing effect rather than a sustainable turnaround.
By end-March 2026, accumulated losses approached VND 90 billion.
Total assets were over VND 4.416 trillion, up about 3% year-to-date. However, cash and cash equivalents fell 96% to just VND 3.7 billion, a very low level relative to the company’s scale.
Inventories—mostly unfinished real estate projects—totaled over VND 1.418 trillion, up 2%. Total liabilities rose to over VND 3.117 trillion, up 5% year-over-year.
Interest-bearing debt stood at about VND 770 billion, around 25% of total debt, continuing to pressure interest costs in future periods.
DRH shares are under a warning due to late filing of the 2025 audited financial statements. The company said it is coordinating with related parties to finalize auditor requests to publish the report soon.
DRH has also not disclosed materials for the 2026 annual general meeting, scheduled online for June 23.
At the close on 29 April, DRH shares traded at VND 2,390, up 0.42% from the previous session, with trading volume of 281,700 shares. The price remains the lowest in the listing history. DRH Holdings’ market capitalization was VND 295.6 billion.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
