Viglacera Dong Trieu reports Q1 2026 loss; 15th consecutive quarter of losses and negative equity

Viglacera Dong Trieu (DTC) has released its first-quarter 2026 financial results, reporting net revenue of nearly VND 46 billion, up about 80% year-on-year from more than VND 25 billion in Q1 2025. Gross profit improved from a loss of more than VND 1 billion in Q1 2025 to a gross profit of about VND 970 million in Q1 2026. Despite the revenue and gross profit improvement, the company recorded a net loss after tax of VND 6.2 billion in Q1 2026, slightly higher than the loss of about VND 6 billion in Q1 2025. The quarter marked the 15th consecutive quarterly loss, bringing cumulative losses to over VND 116 billion.

Balance sheet and leverage

As of March 31, 2026, DTC’s total assets were VND 171 billion. Liabilities were about VND 187 billion, leaving equity negative by more than VND 15 billion.

Total financial debt was about VND 122.5 billion. In the debt structure, Q1 2025 included a short-term provision of VND 10.17 billion to cover mine costs and environmental restoration.

Key drivers of quarterly performance

The company said its quarterly results continued to be affected by conditions in the construction materials sector. It noted that the market remained sluggish, particularly before and after the Lunar New Year, with demand weak and production volumes lower than in other quarters.

DTC also pointed to geopolitical-driven spikes in oil prices, which increased input costs including coal, oil, transportation, and soil processing. It added that fixed costs remained high—such as depreciation, interest, labor, and operating costs—while capacity utilization had not yet been fully optimized. In addition, competitive price pressure compressed margins.

Planned measures for Q2 2026 and beyond

To address losses, DTC plans to implement the following measures starting in Q2 2026 and subsequent periods:

• Restructure the product portfolio to focus on products with solid demand and strong economic efficiency, prioritizing decorative tiles and high-quality tiles; adjust output of lower-performing products to match market demand.
• Continue cost controls to reduce production and administrative costs, review and optimize material and fuel consumption, and improve equipment efficiency to lower production costs.
• Expand and strengthen the product distribution system.
• Proactively engage with suppliers to stabilize and reduce input costs, and streamline indirect labor to fit the scale and realities of production.
• Strengthen financial management and continue discussions with lenders to restructure debt terms and seek interest-rate reductions.

Outlook

DTC expects these measures to help progressively improve operating performance and limit losses in upcoming periods. However, the company said results will depend on the construction materials market and other external factors.