Vinasun continues to bear losses in second quarter

July 20, 2021 | 17:53
Anh Duong JSC (Vinasun), a popular taxi firm in Vietnam, has released its financial statement for the second quarter of 2021 with a net loss of nearly VND66 billion ($2.87 million).
Vinasun continues to bear losses in second quarter
Vinasun has suspended its taxi business in Ho Chi Minh City since June 20, according to Directive 10/CT-UBND of Ho Chi Minh City People's Committee. Photo: Thi Hong

In the second quarter, the revenue of Vinasun reached VND150 billion ($6.5 million), slightly down compared to the same period last year. This is the lowest level since the company was listed on the stock exchange in 2008.

This was the sixth consecutive quarter that Vinasun has reported a loss, with negative VND66.6 billion ($2.9 million) of after-tax profit while in the same period last year, it lost VND111.3 billion ($4.84 million). The revenue of this taxi company had its peak in the 2014-2015 period when it accounted for the largest market share in Ho Chi Minh City.

After deducting the cost of goods sold, Vinasun ended up with a gross loss of VND27.5 billion ($1.2 million), a sharp decrease compared to the total loss of nearly VND64 billion ($2.8 million) in the second quarter of 2020.

Accumulated in the first half of the year, Vinasun recorded a revenue of nearly VND372.8 billion ($16.2 million), down 28.5 per cent on-year. The taxi segment contributes about VND309.4 billion ($13.45 million) of this. After-tax profit was negative VND96.9 billion ($4.2 million) while in the first six months of 2020 it was negative VND128.1 billion ($5.57 million).

However, Vinasun recorded VND27.8 billion ($1.2 million) of profit from other activities, mainly from the liquidation of fixed assets.

By the end of the first six months, Vinasun only reached 35.5 per cent of its annual revenue goal.

By Thanh Van

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