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LDG Investment Joint Stock Company (Code: LDG) reported in its Q1/2026 financial statements several cash-flow bottlenecks as revenue contracted and cash on hand nearly dried up. Notably, the company had nearly 1,600 billion VND in deposits blocked by Military Commercial Joint Stock Bank (MB) to fulfill the company's obligations. The blocked deposits were reclassified by LDG under 'other current assets' on the balance sheet. In addition to MB blocking a large amount to meet obligations with the bank, the Q1/2026 financial report also shows LDG has overdue debt not yet repaid at VPBank and Sacombank. As of March 31, 2026, the total value of loans and interest overdue for LDG reached more than 850 billion VND. Among these, the largest overdue principal and interest belonged to Sacombank, totaling more than 432 billion VND, followed by VPBank loans of more than 211 billion and the LDGH2123002 bond issue of more than 207 billion. Compared with the beginning of the year, overdue debt at Sacombank increased by more than 50 billion due to additional interest obligations that remained unpaid. LDG said the overdue loan issuances stem from financial difficulties in previous years. The company is currently arranging assets and liquidity to settle the maturing debts. Source: LDG's Q1/2026 financial report LDG's financial condition faced difficulties as the company did not record any new sales revenue in the first three months of the year. Conversely, the company recorded a revenue deduction of more than 9.8 billion due to returns, resulting in negative net revenue of more than 9.8 billion. While core business activities were nearly frozen, LDG's financial income rose sharply to nearly 22.2 billion, about 30 times the same period last year, primarily driven by interest income from deposits and lending. However, financial costs remained high at nearly 27.7 billion, including interest expenses of more than 10 billion. After deducting selling, general, and administrative expenses, LDG posted a net loss after tax of nearly 16.3 billion in Q1/2026, while the same period last year posted a profit of more than 12.2 billion and Q4/2025 posted a profit of more than 77 billion. In terms of assets, LDG's inventories rose sharply to nearly 1,322 billion, up more than 52% from the beginning of the year, mainly in construction in progress. Specifically, the Tan Thinh Residential Area project accounted for nearly 527.5 billion, while the Lô C1 apartment block in Bình Nguyên new urban area recorded about 452 billion. LDG also said that some products under the category of ongoing construction costs are mortgaged to secure loans at VPBank and Sacombank. As of the end of Q1/2026, LDG's total assets stood at 8,028 billion, while liabilities were more than 6,740 billion. LDG, formerly Long Điền Real Estate JSC, was established in 2010 and operates primarily in investment and development of real estate. The company was once known as one of the mid-sized real estate developers in the southern region, with a project portfolio focused in Dong Nai, Bình Dương, and Ho Chi Minh City. LDG operates in multiple segments including urban development, apartments, residential areas, resort real estate, and commerce and services. Notable projects previously undertaken include Saigon Intela (Bien Hoa, Ho Chi Minh City); The Viva City (Trang Bom, Dong Nai); Viva Park (Trang Bom, Dong Nai); Viva Tower (Trang Bom, Dong Nai)…
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