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LDG Investment Joint Stock Company’s (LDG) Q1 2026 financial statements point to cash-flow bottlenecks as revenue was negative and cash on hand nearly ran out. A key pressure is that the company has nearly 1,600 billion VND in deposits frozen by Military Commercial Joint Stock Bank (MB) to meet its obligations.
According to the notes to the financial statements, at the end of Q1 2026, LDG’s cash and cash equivalents fell sharply from more than 1,612 billion VND at the start of the year to about 4.9 billion VND.
The main reason was that term deposits under 3 months valued at nearly 1,561 billion VND were frozen by MB to fulfill the company’s obligations. On the balance sheet, the frozen deposits were reclassified into the “other short-term assets” category.
Beyond MB’s freezing of deposits, LDG’s Q1 2026 statements also show overdue debts at VPBank and Sacombank.
As of March 31, 2026, the total value of overdue loan principal and interest exceeded 850 billion VND. The largest overdue amount is with Sacombank at more than 432 billion VND (principal and interest), followed by a loan at VPBank of more than 211 billion VND and a LDG bond issue (LDGH2123002) of more than 207 billion VND.
Compared with the beginning of the year, overdue debt at Sacombank increased by over 50 billion VND, driven by additional interest obligations.
LDG said the overdue loans resulted from financial difficulties that had persisted in previous years. The company stated it is arranging assets and funds to pay maturing debts.
LDG’s financial position remained challenging because the company did not record new sales revenue in the first three months of the year. In contrast, financial income rose sharply to nearly 22.2 billion VND, almost 30 times the year-ago figure, mainly due to interest income from deposits and loans.
However, financial costs stayed high at nearly 27.7 billion VND, including interest expenses of more than 10 billion VND.
After deducting selling expenses and administrative costs, LDG posted a net loss of nearly 16.3 billion VND in Q1 2026. This compares with a profit of more than 12.2 billion VND in the same period last year and a Q4 2025 profit of over 77 billion VND.
On the balance sheet, LDG’s inventory increased sharply to nearly 1,322 billion VND, up more than 52% from the start of the year, mainly in the form of construction in progress.
Within construction in progress, the Tan Thinh residential project accounted for nearly 527.5 billion VND, while the Lô C1 apartment at Bình Nguyên New Urban Area recorded nearly 452 billion VND.
LDG also noted that some products in the construction-in-progress category are mortgaged to secure loans with VPBank and Sacombank.
As of the end of Q1 2026, LDG’s total assets reached 8,028 billion VND, while liabilities were more than 6,740 billion VND.
LDG Investment Joint Stock Company, the predecessor of Long Dat Real Estate JSC, was established in 2010 and operates primarily in investment and development of real estate. The company is known as a mid-sized real estate developer in the southern region, with a project portfolio focused in Dong Nai, Bình Dương, and Ho Chi Minh City.
LDG operates across multiple segments including urban development, apartments, housing, resort real estate, and commercial services. Notable projects previously undertaken include Saigon Intela (Bình Hưng, HCMC); The Viva City (Trảng Bom, Đồng Nai); Viva Park (Trảng Bom, Đồng Nai); Viva Tower (Trảng Bom, Đồng Nai)…
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