In terms of revenue structure, BCE's revenue was mostly from construction, totaling over VND 11.5 billion, down almost 22% year on year; product sales income totaled over VND 5 billion, down nearly 19%. Notably, no real estate revenue was reported during this period, but the same period last year generated more than VND 7.2 billion.

During this period, financial activity revenue fell to just over VND 8 million, down from over VND 283 million in the same period last year; financial costs fell by 49.8% to more than VND 1 billion. Meanwhile, sales and administrative expenditures climbed by 30.5% year on year, totaling roughly VND9 billion.

After deducting expenses, the firm reported a post-tax loss of more than VND 11.6 billion, up from over VND 1.6 billion in the same time previous year. The cause for this is the high cost of products, along with growing cost pressures.

BCE's revenue for the first six months of 2024 was more than VND 27 billion, a 23.6% decrease from the same period previous year. Post-tax earnings fell by VND 16.3 billion, compared to a loss of VND 9.98 billion in the same time previous year. With these losses, the corporation is far from meeting its aim of a profit of almost VND 26 billion, by 2024.

With continued losses in the first half of 2024, as of June 30, 2024, the company's accumulated loss was nearly VND 55 billion, equal to 15.7% of its charter capital (VND 350 billion).

In addition to business losses, by the end of Q2/2024, BCE's total assets decreased by 15.5% compared to the beginning of the year, down to nearly VND 581 billion, mainly due to a reduction in short-term receivables. Among these, short-term receivables amounted to nearly VND 372 billion, accounting for 64% of total assets.

HOSE has placed BCE's shares on a warning list due to ongoing losses and negative undistributed post-tax earnings. Concerning this issue, on July 26th, company leadership announced measures and a roadmap to address the security warning.

According to company leadership, the accumulated undistributed post-tax profit as of June 30, 2024 is a loss of nearly VND 55 billion. The company plans to offset the nearly VND 41 billion loss from 2022 based on projects implemented in Q3, Q4 2024, and subsequent years, particularly the Bau Bang Commercial Housing project.

Additionally, in July, the company commenced the implementation of a contract package for the supply of materials, equipment, and mass pile driving for the Al Central Station Cultural - Commercial Service - Housing project, valued at nearly VND 73 billion (excluding VAT).

BCE's continuous business losses highlight the persistent difficulties the company faces, despite the positive recovery of the real estate and construction markets in Binh Duong, fueled by investment waves from major domestic and foreign real estate corporations and increasing foreign direct investment (FDI) in the area.

According to data from the Binh Duong Department of Planning and Investment, new and extra registered FDI capital in the area has surpassed USD 341 million since the beginning of this year. The province has received approximately 4,300 FDI projects totaling nearly USD 40.6 billion from 65 countries and territories, ranking third in the country behind Ho Chi Minh City and Hanoi. Binh Duong's industrial zones typically reach occupancy rates of more over 90%.

FDI inflows are not just moving into the industrial sector; the Binh Duong real estate market will also see an influx of foreign real estate brands in 2024.

Dr. Pham Anh Khoi, Director of the Economic - Financial - Real Estate Research Institute at Dat Xanh Services, believes that the primary reason Binh Duong's real estate market attracts major domestic and foreign investors is its large land fund, especially in the cities adjacent to Ho Chi Minh City, Thuan An and Di An. While land funds in Ho Chi Minh City and surrounding areas are dwindling, Binh Duong still has enough land for investors to develop large-scale urban and mixed-use projects.

Binh Duong's legal procedures for project execution are seen as "favorable," rapid, and cost-effective for investors when compared to other provinces and cities. Furthermore, construction costs in Binh Duong are relatively low, making project development input costs softer than in Ho Chi Minh City, resulting in more affordable apartment and townhouse prices in Binh Duong, suitable for the general income level of the population, and with ample growth potential when compared to other regions.

In this context, BCE's challenges highlight another aspect: the continued delayed recovery of many businesses.