Thuduc House expands into clothing wholesale after accumulated losses approach VND 938 billion

Thuduc House (CTCP Phát triển Nhà Thủ Đức, stock code TDH) reported net revenue of more than VND 44 billion in the third quarter of 2026, up nearly 26% year on year, but posted a net loss of nearly VND 3 billion. It had recorded a net profit of more than VND 84 billion a year earlier. The company said substantial income from winning a civil dispute had raised the year-earlier profit base. Other income fell to more than VND 1 billion this quarter from VND 97 billion a year earlier.

Real estate is the company’s core business, but third-quarter property sales generated just over VND 124 million and property rentals more than VND 5 billion. Sales of goods and construction work accounted for most of the remaining revenue. Cost of sales rose 30% year on year, outpacing net revenue growth. Gross profit was more than VND 5 billion, broadly unchanged from a year earlier, while the gross margin fell to 11%.

In the first nine months of 2026, the company recorded net revenue of more than VND 135 billion, up 121% year on year. It posted an after-tax net loss of more than VND 1 billion, compared with a profit of VND 103 billion a year earlier. Accumulated losses stood at nearly VND 938 billion as of September 30, 2026. The company also said its subsidiaries were improving their management systems and expanding market share, with related spending affecting results for the period.

Against this backdrop, Thuduc House has approved a plan to establish a wholly owned subsidiary. The new company, Công ty TNHH Đầu tư và Phát triển Thuduc House, has registered capital of VND 5 billion and has registered 31 lines of business, with wholesale fabrics, clothing and footwear as its main activity. Thuduc House appointed Vũ Văn Quân as the new company’s authorized representative, chairman and director.

Source: VietVance