Hanoi Railway Transport reports record profit

By Tat Dat October 26, 2023 | 01:22 am PT

A passenger is about to board a train at the Saigon Station in HCMC's District 3, October 2021. Photo by VnExpress/Quynh Tran

The Hanoi Railway Transport Joint Stock Company has reported record after-tax profits of VND54 billion (US$2.2 million) mainly due to a nonrecurring revenue item, interest in bank deposits.

It received interest of VND245 billion on deposits, but also managed to trim expenses, according to its latest financial statements.

Gross profit rose 40% year-on-year to VND110 billion.

However, total revenues were down 5% to VND637 billion.

The company has improved its profits for three consecutive quarters, but still has accumulated losses of VND285 billion after 11 quarters of losses during the Covid pandemic.

For the year to date it had revenues of VND1.895 trillion and profits of VND98 billion, the former only slightly up year-on-year but the latter surging 2.8-fold.

This year the company is promoting cargo transportation and joining hands with major travel agencies to transport foreign tourists.

The company, one of the two biggest subsidiaries of the Vietnam Railways Corporation, operates northern and the Hanoi-Ho Chi Minh City routes and international transportation of goods and passengers through two northern border gates.