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Vinalines profit rises despite loss of ship

Update: February, 03/2012 - 10:31


Vinalines' Tay Son 1 ship. In 2012, the corporation targets earnings of US$1.3 billion. — VNA/VNS Photo Bui Tuong
HA NOI — Viet Nam National Shipping Lines (Vinalines) recently posted a profit of VND62.15 billion (US$3 million) for 2011, 24 per cent higher than the annual plan set at the start of the year.

Last year, the corporation's turnover reached VND24.8 trillion ($1.2 billion), a year-on-year increase of 13 per cent.

The result comes as a surprise to many, given the challenges the corporation was faced with last year, including the sinking of the Vinalines Queen.

Even more surprisingly, the company reported a loss of VND660 billion in the first half of 2011, leading many experts to predict it would be difficult for Vinalines to avoid making a loss for the first time since it went into operation, 15 years ago.

In 2011, Vinalines shipped 36.8 million tonnes of cargo, a slight increase of 1 per cent over the previous year.

Although economic growth in 2011 was lower than that in 2010, export and import activities still ran well last year, said General Director Nguyen Canh Viet.

Viet said that a large volume of coffee, cocoa, garments, seafood and steel had been traded, helping his corporation surpass its target.

According to Viet, 64 million tonnes of goods passed through the company's ports, up by 10 per cent compared with 2010.

In 2012, Vinalines targets to reach a turnover of VND27.2 trillion ($1.3 billion), a 10 per cent year-on-year increase, with VND120 billion ($5.7 million) in profit.

However, there remained heavy pressure on the company due to tough economic conditions, Vinalines reported.

To reach the goal, Vinalines will look to boost progress on the construction of new ports and the upgrade of existing facilities, including Cai Cui, Sai Gon-Hiep Phuoc, Son Tra and Cai Lan.

In addition, the corporation will continue its restructure and renewal process for the 2011-15 period. — VNS

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