Stake disposal supports Phat Dat profit as property revenue slumps
The Vietnamese developer’s third-quarter net profit fell 84%, while borrowing costs increased following its investment in Lotte Properties HCMC.
Phat Dat Real Estate Development Corporation earned ₫13.7 billion in net profit in the third quarter of 2026, with a stake disposal helping offset weaker property revenue and higher costs. The Ho Chi Minh City-based developer’s consolidated financial statements showed profit was 84% below the corresponding 2025 quarter.
A September 30 transaction involving a 49.95% stake in Hoa Phu Investment and Development Real Estate JSC generated a gain of ₫662.57 billion. Together with ₫46.53 billion earned from another investment disposal, it helped lift financial income to approximately ₫710 billion, against ₫1.7 billion a year earlier.
Revenue, meanwhile, shrank from ₫507 billion to ₫24 billion. Phat Dat said projects under development had not reached the point when it could recognise revenue and profit.
The company linked higher interest charges to borrowing for its acquisition of 35% of Lotte Properties HCMC. Interest expenses totalled ₫180 billion, versus ₫74.2 billion a year earlier. Management costs increased to ₫241 billion from ₫46.7 billion, largely reflecting provisions totalling ₫174.17 billion.
By the end of September, borrowings had reached ₫13,638 billion, up from ₫5,823 billion at the beginning of 2026. Loans from its biggest creditor, Military Commercial Joint Stock Bank, exceeded ₫9,180 billion; ₫8,834 billion funded the Lotte Properties HCMC stake acquisition.
Across January–September, Phat Dat earned ₫231.7 billion in net profit, a 5% annual increase. This amounted to 26.7% of its ₫868 billion full-year profit goal.
