Sunshine Homes Reports Surge in Profit Despite Revenue Slump

Sunshine Homes, a Vietnamese real estate developer, has reported a remarkable financial performance in the second quarter of 2026. Despite a sharp decline in its core business, the company achieved a significant profit, driven by its investments in affiliated companies. According to its consolidated financial statements, Sunshine Homes (SSH) recorded net revenue of less than VND 8 billion in the second quarter, a steep 95% drop from VND 138 billion in the same period last year. This revenue slump resulted in a gross loss exceeding VND 37 billion. However, the company's profit from affiliated companies surged to VND 1.63 trillion. After deducting expenses, SSH posted a consolidated net profit after tax of VND 1.568 trillion. This marks a dramatic turnaround from the VND 242 billion loss recorded in the corresponding period of the previous year. For the first six months of 2026, Sunshine Homes' net profit after tax reached VND 1.852 trillion, a significant improvement compared to a loss of nearly VND 240 billion in the first half of 2025. The company explained that the 1,115% increase in profit from affiliated companies was due to these entities beginning to hand over and recognize revenue from real estate transfers during the period. As of June 30, 2026, Sunshine Homes' total assets stood at VND 11.678 trillion, a decrease of approximately VND 460 billion from the beginning of the year. Investment in affiliated companies significantly increased from around VND 1.3 trillion to nearly VND 2.947 trillion. SSH is a subsidiary of Sunshine Group. As of the end of June 2026, the company had 135 employees, a decrease of 35 from the beginning of the year. Recently, Sunshine Group issued a press release to address rumors of bankruptcy circulating on social media. The company clarified that a case involving Hòa Bình Construction Group JSC requesting the initiation of bankruptcy proceedings against Sunshine Group Construction JSC (MST: 0107397372) and its subsidiaries, due to similar naming, had caused public confusion. Sunshine Group asserted that it and its subsidiaries and affiliates are not involved in this matter. Đỗ Anh Tuấn, Chairman of Sunshine Homes, and Đỗ Thị Định, General Director, have recently resigned from their positions for personal reasons.