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VEFAC Joint Stock Company (VEFAC - VEF), the Vietnam Exhibition and Fair Center, announced its first-quarter 2026 financial statements. In Q1 2026, VEF's net revenue totaled VND 121.6 billion, a decline of 99.7% from VND 44,560 billion in the same period of 2025. The gap largely reflects that in Q1 2025 the company recognized revenue from a partial sale of a project valued at over VND 44,560 billion. During the period, administrative expenses rose fivefold year-on-year to VND 28 billion, mainly due to charitable and sponsorship expenses of over VND 12 billion. Corresponding to the revenue decline, after-tax profit from operations in Q1 2026 stood at about VND 140 billion, down 99.1% from a record VND 14,873 billion recorded in Q1 2025, which was the largest quarterly profit in Q1 2025. In the balance sheet as of March 31, 2026, total assets reached VND 30,514 billion, up 30% from year-start. In the asset structure, cash and cash equivalents fell sharply from VND 579 billion to VND 61.6 billion. Conversely, held-to-maturity investments surged, with long-term investments rising from VND 500 billion to VND 7,490 billion, comprising loans to corporate partners at 12% per year. Construction in progress stood at VND 4,531 billion, of which more than VND 3,676 billion was at the Giang Vo 148 Complex project. On the liability side, payables due to customers increased by nearly VND 7,000 billion to VND 23,698 billion. At the end of Q1 2026, VEF's equity was VND 6,816 billion, with retained earnings of VND 5,144 billion. Read more
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