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 business's profit after tax increased by 129% % to 43 billion VND. This is also the highest quarterly profit in the company's operating history.
Accumulated in the first 9 months of the year, SRT recorded nearly 1,400 billion VND in net revenue and 81 billion VND in profit after tax, up 11% and 110% respectively over the same period. As a result, the business has achieved 77% of the revenue plan and far exceeded the yearly profit target (600 million VND).
Railway staff checks passenger information before boarding the train to leave Saigon station, October 13. Photo: Quynh Tran
According to the business, in the first 9 months of the year, travel demand of domestic and foreign tourists increased, especially during the Lunar New Year of the Cat and the summer of 2023. Therefore, revenue from transporting passengers and goods The company's sales in the first 9 months of the year showed strong growth compared to the same period last year.
Despite recording a record profit in the third quarter, the overall picture of the financial situation of Saigon Railway is still not bright. As of September 30, SRT had an accumulated loss of nearly 312 billion VND, the result of 9 consecutive quarters of business losses during the epidemic period (2020-2022).
SRT's total assets as of the end of September were more than 1,080 billion VND, down 12% compared to the beginning of the year, liabilities were nearly 900 billion VND, 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 Railway Corporation (VRN) with an ownership rate of 78.44%. 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 scene across the country.
Previously, Hanoi Railway (HRT) - a member of VRN also reported a record profit of more than 54 billion VND in the third quarter, more than 3 times higher than the same period. However, the company still had an accumulated loss of more than 285 billion VND, a consequence of the previous series of losses of 11 consecutive quarters.
Hong Chau
