Top companies see profit slide in 9 months

PetroVietnam Power Corporation's thermal power plant in Ky Anh district, Ha Tinh province (Photo: VNA)

Hanoi - Forty of the largest companies by market capitalisation posted a 15 percent annual decline in total pre-tax profit, which fell to 162.8 trillion VND (7.02 billion USD) in January-September.

In the first nine months of 2019, those firms earned a total 191.3 trillion VND worth of pre-tax profit.

In the third quarter, the 40 largest market-cap companies recorded 62.1 trillion VND worth of pre-tax profit, which was down 9.2 percent on-year.

The third-quarter’s annual drop of 9.2 percent in quarterly pre-tax profit was better than the second quarter, cafef.vn reported.

Three companies suffered losses in the nine-month period, which were Vietnam Airlines, Vietjet and Binh Son Refining and Petrochemical Corporation (BSR).

The two aviation firms Vietnam Airlines (HVN) and Vietjet (VJC) recorded losses of 10.5 trillion VND and 900 billion VND, respectively, while BSR reported a loss of 4.1 trillion VND.

Companies that logged significant declines in pre-tax profit included Masan High-Tech Materials (MSR), the Airports Corporation of Vietnam (ACV) and consumer group Masan.

Those companies recorded their pre-tax profits were down between 73 percent and 96 percent year on year.

Others such as Sai Gon Beer-Alcohol-Beverage JSC (Sabeco), Phu Nhuan Jewellery JSC (PNJ), Vincom Retail (VRE), PetroVietnam Gas (PV Gas) and PetroVietnam Power (PV Power) logged 20-30 percent annual reductions in pre-tax profit between January and September this year.

Among the 40 largest market-cap firms were 12 banks that were able to increase their pre-tax profits by a tenth on-year to 75.7 trillion VND.

The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) logged the best annual pre-tax profit growth of 31 percent to raise the nine-month figure to 9.4 trillion VND.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the HCM City Development Joint Stock Commercial Bank (HDBank), and Tien Phong Joint Stock Commercial Bank (TPBank) posted an annual profit growth rate of minimum 20 per cent each.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) remained the top earner. Its pre-tax profit slid 9 percent on-year to 16 trillion VND at September-end.

Other companies posting three-digit profit growth rates included Giang Vo Exhibition Fair Centre JSC, Vinaconex and Novaland, steel producer Hoa Phat and Viettel Global.

Giang Vo Exhibition Fair Centre, Vinaconex and Novaland posted three-digit profit growth rates. Vinaconex made big earnings after it sold its stakes in two affiliates Vinaconex Power and An Khanh JVC.