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Quoc Cuong Gia Lai Joint Stock Company (ticker: QCG) reported net revenue of VND 69.29 billion in Q1 2026, down 38% from VND 111.49 billion in the same quarter last year. The company attributed the decline mainly to lower real estate revenue, which fell to VND 18.91 billion, a 76% year-over-year decrease due to fewer apartment handovers.
Despite weaker real estate performance, QCG’s results were supported by other business segments. Electricity sales contributed VND 31.75 billion, while goods sales reached VND 18.62 billion.
As a result, after-tax profit rose to VND 15.55 billion, up 89% year-on-year.
Regarding financial obligations related to the Truong My Lan case, QCG said it repaid an additional VND 100 billion to Sunny Island Investment Joint Stock Company in Q1 2026.
As of March 31, 2026, total payments reached VND 1,300 billion, leaving a remaining payable balance of VND 1,582.8 billion. QCG stated that the repayment is intended to fulfill the enforcement obligation for defendant Truong My Lan so the company can recover the project dossier for Phuoc Kien, which is currently held by authorities.
At the trial of case 39-39B Ben Van Don held in April 2026, company leadership said it aims to promptly implement the Phuoc Kien project to protect shareholder rights and contribute to the budget.
As of the end of Q1, work-in-progress on the Phuoc Kien mega-project remained at VND 5,403 billion and has been classified as long-term assets.
Total liabilities declined to VND 3,625 billion. Short-term borrowings decreased by 29.5% to VND 577.7 billion.
Internal cash flow continued to be supported by loans from company leaders and related individuals, with a loan balance of more than VND 208 billion. Meanwhile, short-term loan receivable from Mrs. Nhu Loan was VND 31 billion at quarter-end, up VND 20 billion from the start of the year.
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