Updated  
July, 30 2014 08:19:00

Truong Hai Auto posts huge profit

In the second quarter alone, Truong Hai Auto earned a pre-tax profit of VND743 billion ($35.2 million).— Photo vietpress

HA NOI (VNS) — Truong Hai Auto Corporation reported a huge net profit of VND1.245 trillion (US$59 million) in the first half of this year. This is even higher than last year's profit of nearly VND1.140 trillion ($54 million).

In the second quarter alone, Truong Hai Auto earned a pre-tax profit of VND743 billion ($35.2 million).

After six months, the company has completed more than 67 per cent of its yearly profit target, according to a report on the Tri Thuc Tre website.

Recovery of the auto market helped boost sales. According to a report by the Vietnam Automobile Manufacturers' Association, sales by members reached 54,986 vehicles in the first six months of the year, an increase of 27 per cent year-on-year.

Truong Hai Auto led the market with sales of 17,851 vehicles, a year-on-year rise of 40 per cent, which accounted for 32.5 per cent of the market shares. It even outperformed Toyota (31.8 per cent), Ford (9 per cent) and Honda (4.7 per cent) thanks to strong sales of KIA and Mazda vehicles.

Despite huge profits, annual corporate income tax filed by the company is very low and has not exceeded VND40 billion ($2 million) a year since 2009.

Most of the company's production and assembly is performed at the Chu Lai Economic Zone where it enjoys preferential investment policies on corporate income tax, personal income tax.

Ending June this year, it paid VND807 billion ($38 million) in taxes payable to the State Budget.

The corporation, Viet Nam's biggest local auto firm with a charter capital of VND3.525 trillion ($167 million), is listing shares on the Over-The-Counter market under the code of THA. Total outstanding shares on the market are 250 million.

The corporation has a plan of debuting shares on the stock exchange, but it has been delayed for several years. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Experts slam failure to save old trees Experts slam failure to save old trees

Distinguished scientists and experts in the field of urban planning raised many challenges at a conference yesterday to review Ha Noi's urban tree planning.

Whistleblowers to be rewarded up to US$160,000 1    Whistleblowers to be rewarded up to US$160,000

The Ministry of Home Affairs and the Government Inspectorate have issued a joint circular announcing that whistleblowers will be rewarded up to VND3.4 billion (US$160,000).

Daewoo founder seeks to inspire youth Daewoo founder seeks to inspire youth

As you get older, you spend hours regretting each minute you wasted in your youth, which flies by.

IZ firms find pollution controls too expensive IZ firms find pollution controls too expensive

Many companies in industrial zones claim they lack capital to introduce equipment to save energy and lessen emissions.

Caves in Quang Binh will soon echo with the sounds of runners Caves in Quang Binh will soon echo with the sounds of runners

Quang Binh, home of the biggest cave in the world, Son Doong, is offering visitors treks, caving tours and a race.