Northern cable car operator posts $12M loss

By Tat Dat June 16, 2023 | 10:26 pm PT

A cable car link connects Cat Hai and Cat Ba Islands in the port city of Hai Phong. Photo by VnExpress/Giang Chinh

The operator of the cable car linking Cat Ba Island in the northern Hai Phong City has reported a loss of over VND284 billion (US$12.07 million) for last year.

It was 8% lower than its losses in 2021.

Cat Ba Sun’s debt-equity ratio declined from 8.2 to 6.1. It had over VND2.5 trillion in debt, a quarter of it from bonds.

It had VND614 billion worth of bonds outstanding, but redeemed nearly 60% this year and the rest matures in August.

Cat Ba Sun is a subsidiary of entertainment and hospitality company Sungroup.

Built at a cost of VND2.21 trillion, the cable car system traverses nearly 4 kilometers over the sea between Cat Ba and Cat Hai islands.

It cut travel time from Cat Hai Island to Cat Ba Island to nine minutes from the 20 minutes by ferry, which can involve a wait of up to three hours due to congestion.