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NTL (Lideco, ticker: NTL) reported Q1 2026 results with revenue of just under VND 4.5 billion, up 28% year on year, driven largely by services. The real estate segment contributed about VND 348 million.
Financial income reached nearly VND 14 billion, up 5% from the same period last year. Total financing costs and general administrative expenses declined 12%, supporting net profit after tax of nearly VND 15 billion—up about 130%—marking the highest quarterly net earnings in seven quarters (since Q3 2024).
For 2026, the company set targets of VND 80 billion in revenue and VND 30 billion in pre-tax profit. Based on Q1 2026 performance, NTL achieved 6% of the revenue target and 61% of the pre-tax profit target.
As of March 31, 2026, Lideco’s total assets were nearly VND 1,920 billion, up 2% from the start of the year. Inventory stood at VND 646 billion, mainly concentrated in the Dịch Vọng project at over VND 511 billion.
The Dịch Vọng project covers 22.5 hectares in Cau Giay district, Hanoi, and has been assigned to NTL for almost 30 years (since 1997). The initial total investment was about VND 795 billion, with execution from 2003 to 2007.
On May 30, 2025, Hanoi approved increasing the total investment to nearly VND 5,125 billion and extending the completion timeline to Q1 2029.
The Q1 2026 financial statements show that the group’s securities portfolio recorded more than VND 576 billion at cost, while fair value at quarter-end stood at VND 644 billion, implying a paper gain of about 12%.
Lideco’s largest investment is in TCH shares, with a cost of VND 308 billion. The fair value at quarter-end was VND 369 billion, implying an unrealized gain of 20%. In addition, investments in DBC, HHS, SGT and NAB were provisioned for nearly VND 13 billion in total.
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…
