In the third quarter, Vietnam Sea Shipping Joint Stock Company (VOS) reported a slight increase in net revenue of nearly 8 billion VND compared to the same period last year, reaching 710 billion VND. (Photo: VOS) The lacklustre corporate profits can be attributed, in part, to the recovery ofexports and imports in the third quarter of this year, which although improved,still declined in comparison to the same period last year.
Vietnam Sea Shipping Joint Stock Company (VOS) recentlydisclosed its business results with a substantial loss, reflecting thechallenging conditions prevailing in the shipping market.
In the third quarter, VOS's net revenue experienced a slight increase of nearly8 billion VND (nearly 322,000 USD) compared to the same period last year,reaching 710 billion VND (29.4 million USD).
In the third quarter, VOS's net revenue experienced a slight increase of nearly8 billion VND (nearly 322,000 USD) compared to the same period last year,reaching 710 billion VND (29.4 million USD).
However, despite the revenuegrowth, the surge in the cost of goods, which rose by nearly 160% to VNĐ715billion, resulted in VOS incurring a loss of nearly 25 billion VND. This is instark contrast to the profit of nearly 152 billion VND recorded during the sameperiod last year. Consequently, this marks the first quarter where the companyreported a loss since the second quarter of 2021.
In the first nine months of 2023, VOS's accumulated profit stood atapproximately 48 billion VND, a significant decline of nearly 10 times comparedto the same period last year.
Cai Lan Port Investment Joint Stock Company (CPI) faced a decline in netrevenue, reaching only 8 billion VND, down by 46% compared to the same periodlast year. The company's gross profit plummeted by 91% during this period,amounting to slightly over 250 million VND. Additionally, financial revenueexperienced a sharp decrease of 92% to 3 billion VND, while business managementcosts rose by over 1.2 billion VND. Consequently, Cai Lan Port reported anafter-tax loss of 770 million VND in the third quarter of 2023, compared to aprofit of nearly 3 billion VND in the same period last year.
In the first nine months of 2023, VOS's accumulated profit stood atapproximately 48 billion VND, a significant decline of nearly 10 times comparedto the same period last year.
Cai Lan Port Investment Joint Stock Company (CPI) faced a decline in netrevenue, reaching only 8 billion VND, down by 46% compared to the same periodlast year. The company's gross profit plummeted by 91% during this period,amounting to slightly over 250 million VND. Additionally, financial revenueexperienced a sharp decrease of 92% to 3 billion VND, while business managementcosts rose by over 1.2 billion VND. Consequently, Cai Lan Port reported anafter-tax loss of 770 million VND in the third quarter of 2023, compared to aprofit of nearly 3 billion VND in the same period last year.
In the first nine months, Cai Lan Port's revenue amounted to 23billion VND, down by 49% compared to the same period last year. The companyincurred an after-tax loss of nearly 1.7 billion VND during this period, whileit had a profit of 5.5 billion VND in the corresponding period last year. As ofthe end of the third quarter, Cai Lan Port's accumulated loss exceeded 404billion VND.
Similarly, Phuoc An Port Investment and Exploitation Petroleum Joint StockCompany (PAP) also reported a loss in the third quarter. With no recordedrevenue during this period, the company solely incurred business managementcosts, resulting in an after-tax loss of nearly 1.7 billion VND. In comparison,it incurred a loss of 4.6 billion VND during the same period last year.
In the first nine months of 2023, Phước An Port recorded a loss of nearly 5billion VND, whereas it reported a loss of 6 billion VND in the correspondingperiod last year.
Despite a decrease in net revenue, certain businesses have managed to achieveprofit growth by capitalising on revenue from other sources.
Can Tho Port Joint Stock Company (CCT) experienced a net revenue decline ofover 4% in the same period, amounting to 34 billion VND. Simultaneously, thecost price rose by nearly 9% to over 28 billion VND, resulting in a 31% decreasein gross profit to 6 billion VND. Net profit from business activities alsodeclined by more than half in the same period, reaching 675 million VND.
However, with the inclusion of income from the liquidation offixed assets and after deducting expenses, the company reported a profit aftertax of 3.3 billion VND, nearly 2.5 times higher than the same period last year.
In the accumulated nine months, Can Tho Port's revenue reached 108 billion VND,reflecting a 14% increase compared to the same period last year, and the profitafter tax surged by 20 times to 4.5 billion VND.
Among the various reasons hindering positive profits in the shipping industry,a significant factor is the decline in import and export activities compared tothe same period last year, despite a recovery taking place.
According to the General Department of Customs, export turnover in the thirdquarter of 2023 is estimated to reach 94.6 billion USD, displaying a 10.3%increase compared to the second quarter of 2023. However, it still represents a1.2% decline compared to the same period last year. Import turnover isestimated at 86 billion USD, which is a 4.5% decrease compared to the sameperiod last year but an 11% increase compared to the second quarter of 2023.
Significantly, after four consecutive months of growth, exports exhibited signsof decline in September, dropping by 4.1% compared to August.
Freight prices are currently rebounding, according to Yuanta Vietnam SecuritiesLimited Company (YSVN).
Analysts also assert that the shipping, seaports and logistics sectors arepoised to benefit from the recently upgraded comprehensive strategicpartnership between Vietnam and the US.
The US remains Vietnam’s largest export market, with turnover to the USincreasing by 13.6% in 2022. In the first nine months of 2023, Vietnam recordeda trade surplus of 60.7 billion USD with the US.
Mirae Asset Securities Joint Stock Company (Vietnam) predicts that Vietnam’s seaportand logistics industry will be among the sectors that benefit the most from theimproved Vietnam - US relations, considering the US as the largest consumer ofVietnamese goods./.
Similarly, Phuoc An Port Investment and Exploitation Petroleum Joint StockCompany (PAP) also reported a loss in the third quarter. With no recordedrevenue during this period, the company solely incurred business managementcosts, resulting in an after-tax loss of nearly 1.7 billion VND. In comparison,it incurred a loss of 4.6 billion VND during the same period last year.
In the first nine months of 2023, Phước An Port recorded a loss of nearly 5billion VND, whereas it reported a loss of 6 billion VND in the correspondingperiod last year.
Despite a decrease in net revenue, certain businesses have managed to achieveprofit growth by capitalising on revenue from other sources.
Can Tho Port Joint Stock Company (CCT) experienced a net revenue decline ofover 4% in the same period, amounting to 34 billion VND. Simultaneously, thecost price rose by nearly 9% to over 28 billion VND, resulting in a 31% decreasein gross profit to 6 billion VND. Net profit from business activities alsodeclined by more than half in the same period, reaching 675 million VND.
However, with the inclusion of income from the liquidation offixed assets and after deducting expenses, the company reported a profit aftertax of 3.3 billion VND, nearly 2.5 times higher than the same period last year.
In the accumulated nine months, Can Tho Port's revenue reached 108 billion VND,reflecting a 14% increase compared to the same period last year, and the profitafter tax surged by 20 times to 4.5 billion VND.
Among the various reasons hindering positive profits in the shipping industry,a significant factor is the decline in import and export activities compared tothe same period last year, despite a recovery taking place.
According to the General Department of Customs, export turnover in the thirdquarter of 2023 is estimated to reach 94.6 billion USD, displaying a 10.3%increase compared to the second quarter of 2023. However, it still represents a1.2% decline compared to the same period last year. Import turnover isestimated at 86 billion USD, which is a 4.5% decrease compared to the sameperiod last year but an 11% increase compared to the second quarter of 2023.
Significantly, after four consecutive months of growth, exports exhibited signsof decline in September, dropping by 4.1% compared to August.
Freight prices are currently rebounding, according to Yuanta Vietnam SecuritiesLimited Company (YSVN).
Analysts also assert that the shipping, seaports and logistics sectors arepoised to benefit from the recently upgraded comprehensive strategicpartnership between Vietnam and the US.
The US remains Vietnam’s largest export market, with turnover to the USincreasing by 13.6% in 2022. In the first nine months of 2023, Vietnam recordeda trade surplus of 60.7 billion USD with the US.
Mirae Asset Securities Joint Stock Company (Vietnam) predicts that Vietnam’s seaportand logistics industry will be among the sectors that benefit the most from theimproved Vietnam - US relations, considering the US as the largest consumer ofVietnamese goods./.
VNA
