Logistics giant in divestment spree

By Tue Lam August 7, 2018 | 08:47 pm PT

Gemadept Corporation’s after-tax profit in H1 rose nearly 6.8 times year-on-year to VND1.55 trillion ($68 million), partly owing to stake divestments.

In the first quarter, the HCM City-listed logistics firm sold its 50.9 percent and 49 percent holdings in Gemadept Logistics Holdings and CJ - Gemadept Shipping Holdings, respectively.

Then, in the second quarter, it sold its 51 percent stake in Hoa Sen-Gemadept Logistics and International Port JSC, the corporation stated in a newly-released financial report for the second quarter.

In the first half, Gemadept also dissolved its subsidiary Bien Sang Logistics One Member Company Limited in Vietnam and two others in Singapore, Gemadept (S) Pte. Ltd and Grand Pacific Shipping Pte. Ltd.

Gemadept owns and operates a large number of ports in major cities and key economic zones.

The firm has reported sale and service revenues of VND597 billion ($25.67 million) in the second quarter and after-tax profit of VND275 billion ($11.82 million).

Its bottom line doubled in the quarter from a year earlier.