Vinaconex 21 reports sharp Q3 profit decline, faces loss

Vinaconex 21 Joint Stock Company reported a significant decline in its Q3 2025 after-tax profit, recording a loss for the period. The company's profit after corporate income tax changed by over 10% compared to Q3 2024. Revenue for Q3 2025 was only 26% of Q3 2024 revenue, while the cost of goods sold increased to 31.9%, administrative expenses to 81.7%, and interest expenses reached 117.5% compared to Q3 2024.

The company attributed the loss to lower revenue during the quarter, as acceptance documents and investor confirmations for projects were scheduled for October 2025. This timing issue, coupled with an increase in the cost of goods sold and unchanged administrative and interest expenses, resulted in a negative profit after tax for Q3 2025.

Total assets as of September 30, 2025, were VND 432,591,154,146, up from VND 365,893,379,065 at the start of the year. Liabilities also increased, reaching VND 314,791,353,822 from VND 245,163,891,141 in Q3 2024. Undistributed profit after tax for the current period was a loss of VND 2,929,687,600.