Construction giant Coteccons saw post-tax profits fall 56 percent year-on-year to VND54 billion ($2.3 million) in the first quarter. It blamed the fall on a 10 percent rise in operating expenses. Revenues were down 28 percent to VND2.57 trillion as many construction projects were delayed due to the Covid-19 pandemic, it said. It has set revenue and post-tax profit targets of VND17.4 trillion and VND340 billion for 2021, 20 percent and 2 percent up from last year.
The Company requests management of Hanoi Exchange to unlist its shares on the exchange. The Company incurred loss in three consecutive years 2017, 2018 and 2019 and is facing financial distress.