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Sunday, July 21, 2024

Railway companies report profits after two years of losses

The Saigon Times

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HCMC – Hanoi and Saigon railway companies, the two subsidiaries of the Vietnam Railway Corporation (VNR), reported their respective after-tax profits of almost VND35.2 billion and over VND38.3 billion in January-September.

Hanoi Railway in its financial report said its revenue from January to September totaled VND1,760 billion, surging 37% over the year-ago period.

Of the figure, cargo transport generated VND930 billion, passenger transport over VND599 billion, and other services over VND218 billion.

The after-tax profit reached almost VND35.2 billion, of which cargo and passenger transport made up 60% and 40%, respectively.

Saigon Railway reported its January-September revenue of VND1,219 billion with an after-tax profit of over VND38.3 billion.

A representative of the company said that after-tax profit in the third quarter of 2022 alone reached over VND18.7 billion.

Of its January-September profit, cargo transport generated VND23 billion, passenger transport VND7 billion, and other services over VND8 billion.

The representative of Hanoi Railway said this was a positive result after two years of the Covid-19 pandemic, which caused losses of over VND300 billion to the company.

However, the number in all of 2022 can hardly help the company break even as the last quarter of the year is the off-season for passenger transport and cargo is mainly transported by other means of transport. Besides, although ticket sales for the upcoming Lunar New Year are strong, they will be added to the business results of 2023.

The representative of the two railway companies said that this year would see losses of around VND15-25 billion, first expected to be VND110 billion earlier this year.

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