Saturday, February 29, 2020 2:00:55 PM - Markets open
VN-INDEX 882.19 -16.25/-1.81%
HNX-INDEX 109.58 +0.31/+0.29%
UPCOM-INDEX 55.05 -0.47/-0.85%
Firms ask for delay financial statements release - 1/18/2020 10:00:00 AM
 (0 ratings. You must sign in to rate.)
The Hồ Chí Minh Stock Exchange (HOSE) has received dozens of documents from listed companies asking to extend the deadline for the disclosure of this year's financial statements.
Refrigeration Electrical Engineering Corporation (REE) recently sent a letter to the HOSE, asking to delay the deadline to announce this year’s financial statements.
REE requested to extend the deadline for the submission of last year’s Q4 financial statement, within 30 days of the end of the quarter (December 31, 2019).
The company also asked to extend the deadline for the submission of the 2020 reviewed semi-annual financial statement, within 60 days from the end of the first half of this year.
REE said it needed more time to prepare the separate financial statements of its subsidiaries and process the consolidated figures.
Phú Nhuận Jewelry Joint Stock Company (PNJ) also requested an extension for last year’s Q4 financial statement and this year’s reviewed semi-annual financial statement.
PNJ said the company would struggle to complete the publication of financial statements on the due date as it had up to 376 stores and branches as well as four subsidiaries across the country. It also said the compilation of documents, reporting and consolidating reports took a long time.
Hoàng Anh Gia Lai Joint Stock Company (HAG) faces the same situation. The enterprise attributed the delay to the diversification of business lines and its large number of subsidiaries and affiliates, both locally and in Laos and Cambodia.
It was time-consuming to gather data for the preparation of separate financial statements and consolidated financial statements, HAG said.
Some businesses even asked for the extension at the end of 2019, such as Nam Kim Steel Joint Stock Company (NKG), Apax Holdings Joint Stock Company (IBC), Techno - Agricultural Supplying Joint Stock Company (TSC), Vinalink Logistics JSC (VNL), Trường Thành Furniture Corporation (TTF) and Bà Rịa – Vũng Tàu House Development JSC (HDC).
According to a circular issued by the Ministry of Finance on October 6, 2015, listed organisations and large-scale public companies must publish quarterly financial statements within 20 days, reviewed semi-annual financial statements within 45 days and audited annual financial statements within 90 days after the endorsement of the auditor.
If a company fails to submit the financial reports on the due date, the State Securities Commission (SSC) will consider a time extension, but it shall not exceed 100 days from the end of the fiscal year.
Some experts said the extensions could easily affect information transparency and slow down investors' access to information.
According to the SSC, by the end of January 31 last year, there were 191 enterprises on the three stock exchanges sending extension requests for their 2019 annual financial statements.
Phan Dũng Khánh, director of investment consultancy at Maybank Kim Eng Securities, said requests for delays happen every year, even every quarter, which highlights the lack of transparency in the Vietnamese stock market.
In addition to the reasons for the delays listed above, Dũng said some businesses had asked for an extension to “distort data”.
Market regulators must effectively monitor and sanction listed businesses that violated regulations, he added.  — VNS
Read original article here
Newer News
25/02 Widespread disease slams the stock market
20/02 Investment funds make more stock purchase despite decling prices
20/02 VN-Index steadies amid scepticism
18/02 VN stocks slide on market caution, gloomy forecasts
17/02 Trading remains quiet amid risk concerns
13/02 Shares move up but growth narrowed at the end of trading
11/02 Rising virus death toll weighs on market
10/02 VN stocks struggle to find growth momentum amid disease, expected lower earnings
06/02 VN shares mixed, but growth expected to return
05/02 VN stocks bounce but risks still exist
Older News
17/01 VN stocks advance for third day
15/01 Stocks rebound but short-term outlook gloomy
14/01 VN stocks decline as holidays approach
10/01 Fewer investors open new trading accounts in 2019
09/01 Shares retreat as US-Iran conflict hits sentiment
08/01 Foreign investors interested in Vietnamese stock market
06/01 Global news, pre-Tết sentiment key to VN stocks
03/01 Stock market a pillar of economic growth
02/01 Brighter outlook for VN stock market but risks abound
31/12 Shares mixed on investor caution ahead of New Year holiday
Newsletter Signup
Top Stories
VN shares mixed, but growth expected to return
VN stocks to keep falling on disease fears
Industry 4.0 brings big changes for stock market
Reference exchange rate up 1 VND on January 17
Reference exchange rate up 1 VND on January 15
Market Update
Last updated at 3:10:05 PM
VN-INDEX 882.19 -16.25/-1.81%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.