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Truong Thanh Furniture to work with SAM Holdings

Released at: 17:27, 12/12/2017

Truong Thanh Furniture to work with SAM Holdings

Photo: Internet Archives

Two sign agreement over materials supply and services.

by Tue Lam

One of Vietnam’s largest wooden furniture manufacturers, Truong Thanh Furniture (TTF), has signed a cooperation agreement with materials supplier SAM Holdings (Stock code SAM) on supplying materials and services.

TTF and SAM are related businesses, as Mr. Hoang The Quang is a Board Member of the former and Deputy CEO of the latter.

SAM is engaged in the manufacture and trading of cables, telecommunications materials, and wooden materials, construction, real estate, golf courses, accommodation, and tourism.

In the first nine months of this year its revenue reached VND1.52 trillion ($66.8 million), an increase of VND210 billion ($9.24 million) over the same period last year. After-tax profit was nearly VND49 billion ($2.15 million). Total assets as at September 30 stood at nearly VND4 trillion ($176 million).

TFF is engaged in the manufacture and sale of wooden furniture and floorings in Vietnam and also exports products to the UK, France, Belgium, the US, Denmark, Finland, Germany, Greece, and Japan.

Revenue in the first nine months of this year was VND756 billion ($33.2 million) and after-tax profit more than VND4 billion ($176,000). As at the end of the third quarter, remarkably, TFF also recorded nearly VND1.4 trillion ($61.6 million) in accumulated losses.

The company’s consolidated financial statement for 2016’s fourth quarter shows a total loss of VND145 billion ($6.4 million), bringing its full year losses to VND1.63 trillion ($72 million), of which its cumulative losses amounted to VND1.768 trillion ($7.8 million). Moreover, the company had negative owner’s equity of more than VND195 billion ($8.6 million) as at December 31, 2016.

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