Hoang Anh Gia Lai JSC (HAGL) reported a more than doubling in second-quarter profit after receiving debt relief on bond interest, offsetting weaker revenue from its core fruit business.
The agribusiness posted net profit of nearly VND1.13 trillion ($42.76 million) in Q2, up nearly 117% from VND519 billion ($19.71 million) a year earlier.
In an explanation accompanying its financial statements, HAGL said quarterly net profit increased mainly on financial income arising from the waiver of bond interest obligations.
The debt restructuring relates to the Vietnam Debt and Asset Trading Corporation (DATC), a state-owned enterprise under the Ministry of Finance. DATC previously agreed to waive VND1.53 trillion…