HA NOI (VNS) — Eleven of the 17 listed water transportation companies posted profits in the first quarter of this year but overall performance saw cumulative losses of VND51.44 billion (US$2.4 million).
The number of companies incurring losses during the period fell from eight to five, but combined losses decreased just 4 per cent from the same period last year, reaching VND186.5 billion ($8.8 million).
Meanwhile, 11 companies recorded total profits of just VND135 billion ($6.4 million), a drop of 59 per cent compared to the same period last year.
One company posted a budget neutral result for the quarter.
The top earner was PetroVietnam Transportation Co (PVT), posting an after-tax profit of more than VND50 billion ($2.4 million) for the end of March, up 14 per cent over the same period last year. Total revenue also rose 8 per cent to nearly VND1.34 trillion ($63.5 million).
The company said it deployed more cargo ships and oil tankers at the beginning of the year, which had helped boost its bottom line.
Decline in overall profits was partly due to decreases in growth of big companies, including Gemadept (GMD) and Vietnam Petroleum Transport Co (VIP).
GMD posted a net profit of just VND39.5 billion ($1.9 million) during the period, a significant decrease compared to a profit of VND146.5 billion ($6.9 million) in the first quarter of 2013.
Meanwhile, VIP recorded a loss of nearly VND15 billion ($410,900), while it reported a profit of VND112 billion ($5.3 million) in the first three months of last year.
VIP raised its revenue from selling off property at the Dinh Vu Container Port in northern Hai Phong City while GMD sold their stakes in Vinh Hao Mineral Water Co and GMD Tower.
At the other end of spectrum, some companies performed poorly and were potentially facing dropping out of the stock market.
Vinaconex Transportation Co (VCV) dominated losses, down nearly VND95 billion ($4.5 million) but lifting cumulative losses by the end of March to VND196 billion ($9.3 million), exceeding its charter capital of VND110 billion ($5.2 million).
The company has posted losses since 2011, meaning it will have to de-list shares from May 20.
Viet Nam Ocean Shipping Co (VOS), Vinaship Co (VNA) and Vitranschart (VST) also face similar risks of delisting as all companies suffered losses in the first quarter of this year, with losses ranging from VND10 billion ($474,000) to VND38 billion ($1.8 million). — VNS