Construction giant Song Da profit plunges to below $1 million

A report submitted to the Ministry of Construction by the company said the main reason for the record low profit was that output was below target.

The company also added that it had to make provisions of VND239 billion ($10.24 million) related to activities it undertook when it equitizing in April 2018, which affected profits.

The report recently shows revenues were worth VND2.19 trillion ($94 million) last year.

It has assets of VND15.65 trillion ($671 million) meaning return on assets was only 0.17 percent, the report said.

The company, with the Ministry of Construction holding a 51 percent stake, is a big player in the construction industry.

Its main business line is building hydropower plants but also has interests in infrastructure, transport engineering, civil and industrial works, and production, import and export of construction materials.