The government’s recently-released house-buying stimulus has failed to make investors optimistic about the shares of construction or real-estate companies, which posted gloomy business results at recent shareholder meetings.

A number of real-estate developers reported losses in the first quarter of this year, exacerbating the investor’s negative outlook towards the sector, even though the VND30-trillion financial aid package, which allows low-income earners to buy loans at 6 percent a year for social houses, is scheduled to come into effect next month.

For instance, Vinalands (stock code: VNI), continued to post losses in Q1/2013, after its shares were classified under the warning category last year.

Similarly, Kinh Bac City (KBC) also booked a VND55 billion loss in Q1/2013, while it enjoyed a VND18.6 billion profit in the same period last year.

The KBC shares are also in the warning category due to the enormous VND435.64 billion worth of losses it posted last year.

The poor business results in the recent past also made shareholders skeptical over the project targets of the realty companies.

Shareholders of the Hoang Quan Co (HQC) are wondering if the company can achieve its target of gaining VND1 trillion in revenues and posting a VND100 billion profit while the respective figures they achieved last year were only VND302 billion and VND20 billion.

With developers facing such difficulties, the chance to gain a profit from investments in the real-estate market will remain small this year, according to stock analysts.

The government aid, meanwhile, will not be able to completely resolve the market’s problems, as it was only worth 27 percent of the total values of the unsold apartment projects by the end of last year, they said.