Embattled Vietnamese real estate developer, Novaland, has reported a first quarter loss of VND 601 billion or US$23.7 million, VN Express has reported. Of note, earlier this year Novaland reported an after tax profit on its unaudited financials statements of 685 billion or US$27 million, however, after being audited it was actually found to only be VND 486 billion or about US$19.2 million.
Novaland has been struggling in recent years on the back of broader challenges facing Vietnam’s real estate market. For more information see: Vietnam’s Real Estate Market Recovery 2024: Unpacked