Thanks to the purchase of a real estate company, Hoa Phat Textbook Printing Company made a net profit of nearly VND 53 billion in the first half of the year, 190 times higher than the same period last year.
The first half financial report of Hoa Phat Textbook Printing Joint Stock Company (HTP) recorded revenue of about VND 4 billion, down nearly 29% over the same period. Printing and cutting were the main sources of income during this period.
The company's net loss is nearly 4 billion dong after deducting expenses. However, thanks to the sudden income of more than 56 billion VND from the sale, liquidation of fixed assets and merger transactions of subsidiaries, profit after tax fluctuated strongly. 
The company reported a net profit of nearly 53 billion dong, while the same period last year was only about 300 million dong, equivalent to 190 times.

Total assets at the end of the second quarter reached over 4,700 billion VND, while at the beginning of the year only 20 billion VND. Accounting for an overwhelming proportion in the asset structure are long-term unfinished expenses of more than 3,500 billion VND. The company also has about 300 billion dong for securities trading. Liabilities fluctuated strongly when at the beginning of the year less than 1 billion VND, at the e

The reason for the strong fluctuations in the balance sheet is that the company consolidated the financial statements of Hung Vuong Developer Joint Stock Company, a newly established enterprise in mid-2020. This business has total assets of more than 4,200 billion VND and debt. more than 2,840 billion dong, calculated at the time the company took control after buying 62.75% shares.

Previously, the company issued an increase in charter capital from 18 billion VND to more than 918 billion VND to invest in Hung Vuong Developer to expand the real estate business. This is a newly added industry, and previously the company was only in the field of printing books and publications.

Hung Vuong Developer is the parent company of Danh Viet Trading and Service Joint Stock Company - the investor of Lac Viet luxury marine eco-tourism project in Binh Thuan province. This project has a total investment of VND 2,000 billion, has an area of more than 72 hectares of land, is in the stage of leveling and completing infrastructure.

Increasing charter capital to invest in Hung Vuong Developer caused a great disturbance in the shareholder structure of Hoa Phat Textbook Printing Joint Stock Company. Previously, Vietnam Education Publishing One Member Limited Liability Company (100% state capital) was the largest shareholder holding 21.14%, now the ratio is reduced to 0.42%. Instead, three individuals became major shareholders and hold about 78.86%.

 The plan to participate in real estate was first mentioned by Hoa Phat Textbook Printing Joint Stock Company in early 2020. Initially, the company planned to issue shares to raise VND 150 billion, but later increased to 1,000. billion and additional restructuring plans, including converting the origin of a land plot of more than 3,200 m2 in Da Nang, investing more in traditional businesses and expanding a number of potential areas such as real estate, building materials, communication...

The company aims to have a net revenue of 5 billion dong this year. The real estate segment has not yet contributed to revenue, but thanks to the unusual revenue, the target profit after tax is 57 billion dong.