Superdong - Kien Giang High-Speed Boat Joint Stock Company has just announced that its revenue in the third quarter reached only 91 billion VND, down 21% compared to the same period last year. Gross profit accordingly decreased 32% to 19 billion VND, correspondingly the gross profit margin has narrowed from 25% to 21%.
High operating costs further caused after-tax profit to plummet 42% year-on-year to below VND8 billion. This is also the lowest profit in the past two years, just slightly higher than the VND5 billion loss in the fourth quarter of 2022 but far lower than the first two quarters of this year.
The company explained these poor results for two main reasons.
First, the media reported that tourism in Phu Quoc is often overcharged, with high prices... causing tourists to switch to other destinations with lower costs.
In addition, the weather this quarter was stormy and rainy, especially during the peak summer season and the September 2nd holiday, Superdong had to stop operating all routes, many passengers canceled their flights, and passengers who had traveled to the island were stranded and could not return. This led to customers being very afraid of traveling during the stormy season.
The company's leaders said that to minimize business risks, Superdong has planned to reallocate operating schedules of routes in accordance with the current passenger volume to optimize costs... at the same time, implementing many trade promotion programs to stimulate tourism demand.
According to the Kien Giang Department of Tourism, Phu Quoc is currently lacking tourists, especially during the recent September 2nd holiday, when only about 62,544 visitors were welcomed, down 26.5% compared to the same period last year. Tourists arriving in Phu Quoc by air account for about 60%, by train about 40%, however, flights and trains are currently empty.
Meanwhile, Superdong Kien Giang is the largest high-speed ferry company transporting passengers to Phu Quoc and other island tourist destinations in the South. The company owns 16 high-speed ferries and 2 ferries serving passengers to Phu Quoc, Nam Du, Hon Son, Hon Nghe, Con Dao and Phu Quy islands.
Currently, this passenger transport giant has total assets of nearly VND900 billion, including more than VND23 billion in non-term bank deposits and VND151 billion in term deposits. The company maintains a policy of no financial debt and has a charter capital of VND633 billion.
Despite the poor results in the third quarter, the business picture for the first nine months of the year was still positive thanks to the improvement in the early part of the year. Superdong recorded a cumulative revenue of VND340 billion and a profit after tax of VND77 billion, up 4% and 54% respectively over the same period. This profit figure was enough for the company to soon exceed the annual plan by 7%.
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