Debt-laden Hoang Anh Gia Lai reports first net loss in 10 yearsThe financial problems of Doan Nguyen Duc, president of Hoang Anh Gia Lai Group and one of Vietnam’s most influential businessmen, are widely known. HAGL boss Doan Nguyen DucHoang Anh Gia Lai Group (HAGL), one of Vietnam’s largest firms, has just released its financial report for the fourth quarter of 2016, posting an all-time high revenue along with its first net loss in 10 years. In this period, HAGL’s income from associated companies was VND15 billion ($659,550), a significant improvement from last year’s loss of nearly VND1 billion ($43,970). First net loss in ten years despite record revenueThe net loss for the entire year was VND1.02 trillion ($44.8 million), a sharp negative turn of event compared to the 2015 net profit of VND502 billion ($22.1 million), marking HAGL’s first net loss in ten years. Meanwhile, in 2016, HAGL generated a record net revenue of VND6.454 trillion ($283.8 million), a 3.2 per cent growth from 2015.

Source: VietNamNet News February 16, 2017 09:08 UTC