Asia - Pacific Investment JSC reports half-year loss amid auditor's loan concerns

Asia - Pacific Investment JSC (API) published its semi-annual consolidated financial statements for the first half of 2025, reporting a net loss after tax of VND (504,596,474), an improvement from a loss of VND (24,253,245,276) in the previous year. The company's total assets decreased to VND 2,109,560,212,317 from VND 2,169,582,660,887 at the beginning of the year. The auditor, A&C Auditing and Consulting Co., Ltd., issued a qualified opinion due to concerns over the recoverability of related-party loans and advances to staff.

Overdue principal and interest receivables from related-party loans totaled VND 103,188,000,000 and VND 51,808,347,620, respectively. The auditor noted a lack of collateral for some loans and insufficient control measures for others, hindering their ability to assess recoverability. Additionally, VND 91,812,534,573 in advances to staff for potential projects remained unrecovered from previous years, with no reconciliation or confirmation since 2023, preventing the auditor from assessing their usage or recoverability. The company attributed the change in profit to increased revenue from real estate product handovers and decreased corporate income tax expenses, while the overall loss was due to an unfavorable real estate market.