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Top companies see profit slide in 9 months

Update: November, 04/2020 - 08:14

 

PetroVietnam Power Corporation's thermal power plant in Kỳ Anh District, Hà Tĩnh Province. — VNA/VNS Photo Huy Hùng

HÀ NỘI — Forty of the largest companies by market capitalisation posted a 15 per cent annual decline in total pre-tax profit, which fell to VNĐ162.8 trillion (US$7.02 billion) in January-September.

In the first nine months of 2019, those firms earned a total VNĐ191.3 trillion worth of pre-tax profit.

In the third quarter, the 40 largest market-cap companies recorded VNĐ62.1 trillion worth of pre-tax profit, which was down 9.2 per cent on-year.

The third-quarter’s annual drop of 9.2 per cent in quarterly pre-tax profit was better than the second quarter, cafef.vn reported.

Three companies suffered losses in the nine-month period, which were Vietnam Airlines, Vietjet and Bình Sơn Refining and Petrochemical Corporation (BSR).

The two aviation firms Vietnam Airlines (HVN) and Vietjet (VJC) recorded losses of VNĐ10.5 trillion and VNĐ900 billion, respectively, while BSR reported a loss of VNĐ4.1 trillion.

Companies that logged significant declines in pre-tax profit included Masan High-Tech Materials (MSR), the Airports Corporation of Việt Nam (ACV) and consumer group Masan.

Those companies recorded their pre-tax profits were down between 73 per cent and 96 per cent year on year.

Others such as Sai Gon Beer-Alcohol-Beverage JSC (Sabeco), Phú Nhuận Jewellery JSC (PNJ), Vincom Retail (VRE), PetroVietnam Gas (PV Gas) and PetroVietnam Power (PV Power) logged 20-30 per cent annual reductions in pre-tax profit between January and September this year.

Bright spots

Among the 40 largest market-cap firms were 12 banks that were able to increase their pre-tax profits by a tenth on-year to VNĐ75.7 trillion.

The Việt Nam Prosperity Joint Stock Commercial Bank (VPBank) logged the best annual pre-tax profit growth of 31 per cent to raise the nine-month figure to VNĐ9.4 trillion.

Việt Nam Technological and Commercial Joint Stock Bank (Techcombank), the Việt Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the HCM City Development Joint Stock Commercial Bank (HDBank), and Tiên Phong Joint Stock Commercial Bank (TPBank) posted an annual profit growth rate of minimum 20 per cent each.

The Joint Stock Commercial Bank for Foreign Trade Việt Nam (Vietcombank) remained the top earner. Its pre-tax profit slid 9 per cent on-year to VNĐ16 trillion at September-end.

Other companies posting three-digit profit growth rates included Giảng Võ Exhibition Fair Centre JSC, Vinaconex and Novaland, steel producer Hòa Phát and Viettel Global.

Giảng Võ Exhibition Fair Centre, Vinaconex and Novaland posted three-digit profit growth rates. Vinaconex made big earnings after it sold its stakes in two affiliates Vinaconex Power and An Khánh JVC. — VNS

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