Phat Dat settles $22.5 million foreign loan
Ho Chi Minh City-based developer Phat Dat has demonstrated its high commitment and strong financial stead with the prompt settlement of $22.5 million foreign loans.
The announcement on May 4 by Phat Dat Real Estate Development Corporation (HSX: PDR) follows the company’s impressive business results in the first quarter, especially the early redemption of all bonds issued in 2019.
Phat Dat took out a loan of $22.5 million in April 2019 from Samty Asia Investment Pte., Ltd., a subsidiary of Samty Corporation and a Japanese leading real estate enterprise via Vietnam New Urban Centre LP Fund. The capital was used to finance the company’s projects, especially those in Ho Chi Minh City.
The timely settlement of all principal and incurring interests of the $22.5 million loan is not only a showcase of upward growth momentum, efficient capital use, and strong financial management but also an indication of the company’s great prestige and high commitment to domestic and foreign investors.
| In 2020, Phat Dat set a revenue and profit record since the company listed on HSX despite faltering economy due to COVID-19 impacts. |
Previously, on April 15, 2021, Phat Dat announced the VND250 billion ($10.87 million) early redemption of all 5-year-term bonds issued on June 3, 2019 with a 10.5 per cent interest rate to develop Zone 2 of Nhon Hoi Ecotourism City (Binh Dinh province). This is the final payment of all bonds issued in 2019, with a total value of VND1.659 trillion ($72.13 million).
In 2020, the company recorded VND3.911 trillion ($170 million) in revenue, up 15 per cent on-year, and VND1.22 trillion ($53 million) in post-tax profit, up 39.6 per cent, setting revenue and profit records since the company listed on the Ho Chi Minh City Stock Exchange despite faltering economy due to COVID-19 impacts.
In the first quarter of 2021, its net revenue reached VND586.1 billion ($25.5 million), slightly down 7 per cent on-year, but the profit recorded a leap of 60 per cent on-year.
Particularly, pre-tax and after-tax reached VND314.93 billion ($13.7 million) and VND251.07 billion ($10.9 million). The quarter's gross profit margin also increased sharply by 65.7 per cent against the 39.6 per cent hike one year ago, resulting in a gross profit of VND385 billion ($16.74 million), up 54.4 per cent on-year.
On the stock market, closing the session on May 4, 2021, the PDR ticker rose 2.8 per cent to VND73,000 ($3.17) apiece and the market cap surpassed $1.5 billion.
