Saigon Railways record profit

Saigon Railway Company had a profit after tax of 43 billion VND in the third quarter, an increase of nearly 130% compared to the same period last year, and a record quarterly profit ever.

The third quarter financial report of Saigon Railway Transport Company (SRT) showed that net revenue reached more than 440 billion VND, down 13% compared to the same period in 2022. However, the company's after-tax profit increased by 129% to 43 billion VND. This is also the highest quarterly profit in the company's history.

In the first 9 months of the year, SRT recorded nearly VND 1,400 billion in net revenue and VND 81 billion in profit after tax, up 11% and 110% respectively over the same period. With this result, the company has achieved 77% of its revenue plan and far exceeded its annual profit target (VND 600 million).

Railway staff check passenger information before boarding a train leaving Saigon station on October 13. Photo: Quynh Tran — Railway staff check passenger information before boarding a train leaving Saigon station on October 13. Photo: *Quynh Tran*

According to the company, in the first 9 months of the year, the travel demand of domestic and foreign tourists increased, especially during the Lunar New Year and the summer of 2023. Therefore, the company's passenger and cargo transportation revenue in the first 9 months of the year had a strong growth compared to the same period last year.

Despite recording a record profit in the third quarter, the overall financial picture of Saigon Railway is still not bright. As of September 30, SRT still had an accumulated loss of nearly VND312 billion, the result of 9 consecutive quarters of loss during the pandemic period (2020-2022).

SRT's total assets as of the end of September were more than VND1,080 billion, down 12% compared to the beginning of the year, and liabilities were nearly VND900 billion, down 20% compared to the beginning of the year.

At the end of the session on October 27, this stock was at 5,000 VND, a slight increase of 1% compared to the beginning of the year.

Saigon Railway Transport (SRT) is a member of Vietnam Railways Corporation (VRN) with a 78.44% ownership ratio. The company manages routes from Saigon to Hanoi, Nha Trang, Tuy Hoa, Da Nang, Hue, Vinh, Lao Cai, Hai Phong, Lang Son, ... and organizes tours to scenic spots across the country.

Previously, Hanoi Railways (HRT) - a member of VRN also reported a record profit of more than VND54 billion in the third quarter, more than three times higher than the same period last year. However, the company still had an accumulated loss of more than VND285 billion, a result of a series of losses in the previous 11 consecutive quarters.

Hong Chau

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