Song Hong Construction reports Q3 2025 loss amid project development costs

Song Hong Construction Joint Stock Company (ICG) reported an after-tax loss of VND 2,188,446,377 for Q3 2025, an improvement compared to the VND 2,285,754,539 loss in Q3 2024. The company attributed this continued loss to the development phase of significant projects, including the Xuan La Commercial Center, Market, Supermarket, and Office for Lease Project, as well as the Vinh Tuy Bridge Commercial, Office, and Apartment Complex Project. During Q3 2025, these projects primarily incurred expenses, with other company projects still navigating legal procedures.

The consolidated financial statements for Q3 2025 show total assets of VND 795,988,595,510, a significant increase from VND 531,415,638,761 at the beginning of 2025. This growth was largely driven by an increase in short-term assets, particularly inventories, which rose from VND 259,998,192,377 to VND 377,080,689,630. Liabilities also saw a substantial rise from VND 251,073,692,023 to VND 522,277,146,553, primarily due to increased short-term and long-term payables, including a notable increase in long-term loans.

The company's accumulated undistributed profit after tax for the current period reflects a loss of VND 6,051,596,990. Despite the losses, Song Hong Construction confirmed that there are no events indicating a serious doubt about its ability to continue as a going concern, nor does it intend to cease or significantly restrict its operations.