--- title: "Q3 2026 Earnings Split: Accumulated Losses and Cash Flow" description: Q3 2026 earnings on November 2, 2026 highlight split between growing industrial firms and companies facing heavy accumulated losses and cash drainage. url: https://ginity.vn/en/blog/q3-2026-financial-divergence-accumulated-losses-and-cash-flow canonical: https://ginity.vn/en/blog/q3-2026-financial-divergence-accumulated-losses-and-cash-flow markdown: https://ginity.vn/en/blog/q3-2026-financial-divergence-accumulated-losses-and-cash-flow.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ban biên tập Ginity analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - HNG - LDG - VPI sources: - name: Vietnam Government Portal url: https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm title: State Bank Governor discusses interest rates, real estate credit, and corporate capital - name: National Statistics Office (NSO) url: https://www.nso.gov.vn/bai-top/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/ title: Socio-economic report for Q3 and first 9 months of 2026 - name: CafeF url: https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn title: "Q3 2026 financial report updates on November 2: Steel earnings rise 650%, HNG and LDG report losses" - name: Securities Investment Newspaper url: https://www.tinnhanhchungkhoan.vn/dau-tu-ldg-chi-con-039-ty-dong-tien-mat-trong-khi-phat-sinh-no-qua-han-chua-thanh-toan-73434-ty-dong-post400577.html title: LDG Investment holds only 0.39 billion VND in cash while overdue debt reaches 734.34 billion VND - name: Vietnam Financial Times url: https://thoibaotaichinhvietnam.vn/van-phu-loi-nhuan-gop-9-thang-dau-nam-2026-tang-68-9-206201.html title: "Van Phu: Gross profit up 68.9% in first 9 months of 2026" - name: StockProxx url: https://vn.stockproxx.com/doanh-thu-tang-manh-hagl-agrico-hng-van-chim-trong-thua-lo title: Strong revenue growth leaves HAGL Agrico (HNG) mired in losses - name: Savico url: https://savico.com.vn/tin-co-dong/bao-cao-tai-chinh-quy-3-nam-2026financial-statements-for-q3-of-2026-676.html title: Savico publishes Q3 2026 Financial Statements publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Q3 2026 Earnings Split: Accumulated Losses and Cash Flow > Q3 2026 earnings on November 2, 2026 highlight split between growing industrial firms and companies facing heavy accumulated losses and cash drainage. Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/q3-2026-financial-divergence-accumulated-losses-and-cash-flow _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Q3 2026 corporate earnings compiled on November 2, 2026 reveal strong contrast between stable producers and cash-strained enterprises. - LDG Investment recorded negative net revenue of 5.71 billion VND in Q3 2026, a net loss of 28.2 billion VND, and cash reserves down to 0.39 billion VND. - HAGL Agrico posted a 37% revenue increase in Q3 2026 to over 293 billion VND, yet booked an after-tax loss of nearly 65 billion VND, lifting cumulative losses near 13,300 billion VND. - Industrial ingredient producers like AIG Group and DNP Holding expanded pre-tax profit by 17% and 76% in Q3 2026, offsetting declines at Savico and Van Phu Invest. The third-quarter corporate reporting cycle of 2026 draws to a close with pronounced performance divergence across listed companies on Vietnamese bourses, extending the trends observed in the [Q3 2026 corporate profit picture](/en/blog/q3-2026-corporate-profit-picture-shows-sharp-divergence) from earlier disclosures. Financial data released through November 2, 2026 illustrates contrasting operating conditions. While specialized industrial suppliers and food ingredient processors sustained double-digit earnings growth, companies burdened by long-term restructuring, customer contract cancellations, or elevated borrowing costs face tight liquidity and mounting retained losses. According to economic indicators published by the [National Statistics Office (NSO)](https://www.nso.gov.vn/bai-top/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) on October 6, 2026, headline economic momentum continues to recover unevenly across domestic sectors. Investors need to evaluate operating cash generation, current debt coverage, and retained equity erosion rather than relying on top-line revenue growth figures alone. ## Earnings Divergence Emerges on November 2, 2026 Corporate earnings reports compiled on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) highlight diverging fortunes among companies finalizing third-quarter disclosures. Enterprises maintaining disciplined working capital management expanded earnings, while capital-intensive firms facing slow inventory liquidation recorded marked slowdowns. The table below summarizes pre-tax profits for Q3 2026 and the first nine months of 2026 across key reporting enterprises: | Enterprise | Ticker | Q3 2026 Pre-Tax Profit (bn VND) | Q3 2026 Growth | 9M 2026 Pre-Tax Profit (bn VND) | 9M 2026 Growth | Data Source | | :--- | :---: | :---: | :---: | :---: | :---: | :--- | | AIG Group | AIG | 454 | +17% | 1,449 | +45% | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | | DNP Holding | DNP | 139 | +76% | 370 | +96% | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | | Lilama | LLM | 128 | +24% | 904 | +405% | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | | Savico | SVC | 127 | -71% | 251 | -61% | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | | Van Phu Invest | VPI | 26 | -82% | 286 | -10% | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | | HAGL Agrico | HNG | -64 | Loss cut by 53 bn | -250 | Loss cut by 125 bn | [CafeF Nov 2, 2026](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) | *Source: Compiled from corporate financial disclosures on November 2, 2026 via CafeF.* > Chart: Pre-Tax Profit in Q3 2026 for Selected Enterprises. billion VND. AIG: 454; DNP: 139; Lilama: 128; Savico: 127; Van Phu: 26. The data reflects clear dispersion between processing businesses and companies undergoing debt restructuring or retail volume contraction. ## Cash Flow Pressure and Overdue Debts at LDG A clear example of cash flow strain in this reporting wave appeared at LDG Investment Joint Stock Company. The third-quarter financial statement reflects operating bottlenecks as substantial revenue deductions canceled out gross invoiced receipts. According to reporting published by the [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/dau-tu-ldg-chi-con-039-ty-dong-tien-mat-trong-khi-phat-sinh-no-qua-han-chua-thanh-toan-73434-ty-dong-post400577.html) on November 1, 2026, LDG generated gross revenue from goods and services of 10.91 billion VND in Q3 2026. However, revenue deduction items surged to 16.62 billion VND, leaving net revenue negative at minus 5.71 billion VND. This contraction pushed net after-tax results to a loss of 28.2 billion VND for the quarter. Over the first nine months of 2026, cumulative net revenue stood at 4.67 billion VND, down 97.7% year-on-year, while 9-month losses after tax reached 115.98 billion VND. According to disclosures cited by the [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/dau-tu-ldg-chi-con-039-ty-dong-tien-mat-trong-khi-phat-sinh-no-qua-han-chua-thanh-toan-73434-ty-dong-post400577.html) on November 1, 2026, balance sheet pressures worsened as accumulated retained losses reached 1,368.3 billion VND as of September 30, 2026, representing 53.25% of paid-in charter capital. Cash and cash equivalents dwindled to 0.39 billion VND at the end of September 2026, while overdue liabilities pending payment reached 734.34 billion VND. Depleted liquid balances leave the company dependent on negotiations with lending institutions to extend debt maturities and settle outstanding liabilities. ## Heavy Retained Losses and Debt Load at HNG Another enterprise contending with structural balance sheet challenges is Hoang Anh Gia Lai Agricultural Joint Stock Company (HAGL Agrico). Although operating turnover demonstrated recovery, heavy financing costs and depreciation continued to weigh on bottom-line results. According to financial figures reported by [StockProxx](https://vn.stockproxx.com/doanh-thu-tang-manh-hagl-agrico-hng-van-chim-trong-thua-lo) on October 31, 2026, HAGL Agrico generated net revenue of over 293 billion VND in Q3 2026, up 37% year-on-year. Despite higher sales, the company posted an after-tax loss of nearly 65 billion VND, though narrower than the nearly 119 billion VND loss recorded in Q3 2025. Over the first nine months of 2026, revenue totaled over 582 billion VND, rising 35% year-on-year, while net losses stood at nearly 252 billion VND. According to balance sheet figures documented by [StockProxx](https://vn.stockproxx.com/doanh-thu-tang-manh-hagl-agrico-hng-van-chim-trong-thua-lo) on October 31, 2026, accumulated losses rose to nearly 13,300 billion VND as of September 30, 2026, exceeding chartered capital of 11,085 billion VND. Total assets reached over 22,362 billion VND, up 14% since January, but total liabilities rose to over 21,716 billion VND, comprising roughly 97% of total capital resources. Cash balances stood at nearly 6.5 billion VND, compared with current liabilities exceeding 16,132 billion VND. Construction in progress was recorded at 9,488 billion VND, primarily reflecting long-term orchard development. Earlier on October 30, 2026, corporate executives at [HAGL Agrico](https://www.haagrico.com/nha-dau-tu/cong-bo-thong-tin/hagl-agrico-cong-bo-bao-cao-tai-chinh-hop-nhat-quy-iii2026-va-van-ban-giai-trinh-1.html) formally released the consolidated Q3 2026 financial report and earnings explanation letter to the State Securities Commission and the Hanoi Stock Exchange. The shortfall in liquid coverage relative to short-term obligations remains a focal point for evaluating business continuity. ## Automotive Retail and Real Estate Face Headwinds Beyond loss-making businesses, the third-quarter earnings cycle highlighted decelerating profit figures at well-established commercial operators and residential builders. For Saigon General Service Corporation (Savico), filings published on [October 30, 2026 on Savico Shareholder Portal](https://savico.com.vn/tin-co-dong/bao-cao-tai-chinh-quy-3-nam-2026financial-statements-for-q3-of-2026-676.html) and reviewed on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) showed pre-tax profit of 127 billion VND in Q3 2026, down 71% year-on-year. 9-month pre-tax earnings reached 251 billion VND, a 61% year-on-year contraction, reflecting restrained discretionary consumer outlays on motor vehicles. Similarly, Van Phu Real Estate Investment Joint Stock Company (VPI) recorded Q3 2026 pre-tax profit of 26 billion VND, down 82% year-on-year according to figures compiled on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn). However, 9-month figures showed solid execution from earlier handover milestones. According to financial figures reported by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/van-phu-loi-nhuan-gop-9-thang-dau-nam-2026-tang-68-9-206201.html) on October 31, 2026, net revenue for the first nine months of 2026 reached 1,284.4 billion VND, up 56% year-on-year. Gross profit expanded 68.9% to 481.9 billion VND, supported by project handovers at Vlasta Thuy Nguyen and the Van Phu urban area. Pre-tax and post-tax profits for the 9-month period reached 286.2 billion VND and 221 billion VND respectively. Even so, inventories remained high at 6,940.8 billion VND as of September 30, 2026, alongside short-term prepayments of 1,075.9 billion VND, pointing to extended working capital turnarounds in housing development. ## Resilience Among Growing Industrial Producers On the positive side of the earnings distribution, food ingredient manufacturers and mechanical engineering firms delivered steady profitability. According to compiled market data on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn), Asia Ingredient Group (AIG) delivered Q3 2026 pre-tax profit of 454 billion VND, up 17% year-on-year. Across the first nine months of 2026, pre-tax profit reached 1,449 billion VND, up 45% year-on-year, supported by sustained commercial relationships in industrial food manufacturing. Similarly, DNP Holding generated pre-tax profit of 139 billion VND in Q3 2026, up 76% year-on-year based on data published on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn). 9-month pre-tax earnings climbed 96% to 370 billion VND, driven by clean water distribution and municipal infrastructure products. According to corporate disclosures compiled on [November 2, 2026 on CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn), Vietnam National Machinery Installation Corporation (Lilama) generated Q3 2026 pre-tax profit of 128 billion VND, a 24% year-on-year gain. 9-month pre-tax profit reached 904 billion VND, expanding 405% over the prior year due to progress on major energy and industrial construction packages. ## Liquidity Safety Metrics for Corporate Health In periods of sharp corporate divergence, tracking immediate cash reserves against pending obligations provides clarity on solvency risks. Beyond monitoring cash holdings directly, investors examine metrics such as the [current ratio and quick ratio in financial statements](/en/blog/current-ratio-and-quick-ratio-in-financial-statements) to judge whether available liquid assets adequately cover maturing obligations. The short-term debt coverage ratio assesses an enterprise capacity to settle short-term borrowings using readily accessible balances: $$\text{Short-Term Debt Coverage Ratio} = \frac{\text{Cash and Cash Equivalents}}{\text{Short-Term Borrowings}}$$ For instance, at LDG Investment as of September 30, 2026, cash reserves stood at 0.39 billion VND against short-term borrowings and overdue debt obligations of 734.34 billion VND reported on [November 1, 2026 in Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/dau-tu-ldg-chi-con-039-ty-dong-tien-mat-trong-khi-phat-sinh-no-qua-han-chua-thanh-toan-73434-ty-dong-post400577.html): $$\text{LDG Short-Term Debt Coverage Ratio} = \frac{0.39}{734.34} \approx 0.00053$$ A coverage factor of 0.00053 signals severe liquidity depletion, meaning the company cannot meet mature debt demands without creditor concessions or asset dispositions. Regarding capital leverage, the debt-to-assets ratio measures the portion of corporate resources financed through liabilities: $$\text{Debt-to-Assets Ratio} = \frac{\text{Total Liabilities}}{\text{Total Assets}} \times 100\%$$ Taking HAGL Agrico as of September 30, 2026, total debt reached over 21,716 billion VND against total assets of 22,362 billion VND reported on [October 31, 2026 on StockProxx](https://vn.stockproxx.com/doanh-thu-tang-manh-hagl-agrico-hng-van-chim-trong-thua-lo): $$\text{HAGL Agrico Debt Ratio} = \frac{21,716}{22,362} \times 100\% \approx 97.11\%$$ According to balance sheet analysis for Q3 2026, a 97.11% debt ratio leaves equity buffers depleted, narrowing resistance against operational delays or commodity price volatility. To maintain broader systemic stability, according to remarks by the Governor of the State Bank of Vietnam on [October 31, 2026 on the Vietnam Government Portal](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm), commercial credit allocation prioritizes production and commerce (accounting for 77.44% of total outstanding loans), while real estate lending growth is kept disciplined at 9.84%, below the economy-wide credit growth rate of 12.27%. The Governor stressed that enterprises seeking access to credit facilities or debt restructuring must demonstrate transparent financial data, verified cash flow, and debt servicing viability. The Q3 2026 earnings landscape shows that top-line sales figures do not provide a complete measure of operational durability. Diligent assessment of liquidity buffers, debt maturity profiles, and free cash flows remains critical to identifying firms with genuine balance sheet strength. ## Sources - Vietnam Government Portal: [State Bank Governor discusses interest rates, real estate credit, and corporate capital](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) (October 31, 2026) - National Statistics Office (NSO): [Socio-economic report for Q3 and first 9 months of 2026](https://www.nso.gov.vn/bai-top/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) (October 06, 2026) - CafeF: [Q3 2026 financial report updates on November 2: Steel earnings rise 650%, HNG and LDG report losses](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) (November 02, 2026) - Securities Investment Newspaper: [LDG Investment holds only 0.39 billion VND in cash while overdue debt reaches 734.34 billion VND](https://www.tinnhanhchungkhoan.vn/dau-tu-ldg-chi-con-039-ty-dong-tien-mat-trong-khi-phat-sinh-no-qua-han-chua-thanh-toan-73434-ty-dong-post400577.html) (November 01, 2026) - Vietnam Financial Times: [Van Phu: Gross profit up 68.9% in first 9 months of 2026](https://thoibaotaichinhvietnam.vn/van-phu-loi-nhuan-gop-9-thang-dau-nam-2026-tang-68-9-206201.html) (October 31, 2026) - StockProxx: [Strong revenue growth leaves HAGL Agrico (HNG) mired in losses](https://vn.stockproxx.com/doanh-thu-tang-manh-hagl-agrico-hng-van-chim-trong-thua-lo) (October 31, 2026) - Savico: [Savico publishes Q3 2026 Financial Statements](https://savico.com.vn/tin-co-dong/bao-cao-tai-chinh-quy-3-nam-2026financial-statements-for-q3-of-2026-676.html) (October 30, 2026) ## Frequently asked questions ### Why did LDG report negative net revenue in Q3 2026? In Q3 2026, LDG gross sales reached 10.91 billion VND, but revenue deductions rose to 16.62 billion VND, resulting in negative net revenue of 5.71 billion VND. ### What was the accumulated loss of HAGL Agrico as of September 30, 2026? As of September 30, 2026, HAGL Agrico accumulated losses reached nearly 13,300 billion VND, exceeding its chartered capital of 11,085 billion VND. ### Which companies maintained profit expansion among filings on November 2, 2026? Enterprises delivering pre-tax earnings growth in Q3 2026 included AIG Group at 454 billion VND (+17%), DNP Holding at 139 billion VND (+76%), and Lilama at 128 billion VND (+24%). --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._