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Monday, June 24, 2024

Gemadept sees Q1 profit down 20%

The Saigon Times

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HCMC – Gemadept Corporation, which trades its GMD shares on the Hochiminh Stock Exchange (HOSE), posted first-quarter revenue of over VND901 billion, up 2.5%, and after-tax profit of VND254 billion, down 20.3% year-on-year.

The sea transportation company attributed the drop in after-tax profit to a decrease of over VND104 billion in profit from its joint ventures and affiliated companies, as well as the increase of VND25 billion in corporate income tax.

Throughput in Gemadept’s seaport system has been strongly affected by falling imports and exports, especially in the southern region.

Containerized cargo throughput at Gemadept’s port system reached nearly 600,000 TEUs in the first quarter.

Still, GMD is expected to see significant profit growth in all of 2023 thanks to the transfer of Nam Hai Dinh Vu Port Joint Stock Company (NDP Port). Gemadept Corporation and Vietnam Container Corporation, along with other parties, signed a capital transfer agreement on April 19 this year.

GMD shares changed hands at VND49,700 each, down 1.39% against the previous session.

Regarding the stock market today, the benchmark VN-Index of the Hochiminh Stock Exchange added 3.57 points, or 0.33%, against the previous session, at 1,070.64, with advancers outnumbering decliners by 263 to 125.

Trade on the southern bourse decreased 5.88% in volume and 6.2% in value over the session earlier at 711.1 billion shares and more than VND12.5 trillion, including about VND1.52 trillion worth of shares traded in block deals.

Small and mid-cap stocks outperformed large-cap stocks. Lender SHB took the lead in liquidity with over 32.46 million shares traded, closing at VND12,000, followed by LCG, VND, CII, and HSG.

On the Hanoi Stock Exchange, the HNX-Index added 1.99 points, or 0.93%, to 215.9 points, with 98 winners and 81 losers. The total trading volume reached 82.28 million shares, with a value of over VND1.2 trillion.

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