Song Hong Construction reports deeper half-year loss as project costs mount

Song Hong Construction Joint Stock Company (ICG) reported a consolidated after-tax loss of VND 3,938,987,667 for the first six months of 2025. This represents a substantial increase in loss compared to VND 2,777,529,615 in the same period of 2024, a difference of VND 1,161,458,052. The company attributed this change to the ongoing implementation of its Xuân La Trade Center, Market, Supermarket, and Office for Lease project, as well as the Vinh Tuy Bridge Commercial, Office, and Apartment Complex project.

During this period, only project expenses were incurred, as other company projects are still in the legal procedures phase. This led to a negative business and production outcome for the first half of 2025.

Total revenue from the sale of goods and services for the first half of 2025 was VND 3,159,738,725, with the cost of sales at VND 1,934,341,152. Financial income amounted to VND 401,243,180, while financial expenses were VND 940,356,987, largely driven by interest expenses. General administrative expenses totaled VND 4,628,199,335.