Saigon Railway posts record profit

A staff checks a passenger’s documents at Saigon Railway Station on Oct. 13, 2023. Photo by VnExpress/Quynh Tran

Despite a year-to-year 13% decrease in its net revenue, the company managed to have a 129% increase in its quarter profit due to improved traveling needs across domestic and foreign customers, especially during the Lunar New Year holiday and the summer.

With this figure added up, the company has recorded an after-tax profit of VND81 billion in the first nine months of the year, marking a 110% rise compared to the same period last year. This far surpassed its targeted annual profit, which was set at VND600 million.

Still, the company has an accumulated loss of VND312 billion as of Sept. 30, resulting from its nine consecutive quarters suffering from losses.

Its total assets measured at VND1.08 trillion, while its accounts payable stood at almost VND900 billion, sliding 12% and 20% respectively compared to the beginning of the year figures.

A subsidiary of the state-owned Vietnam Railways (VRN), the Saigon Railway JSC operates routes connecting Ho Chi Minh City and various destinations including Hanoi, the coastal town Nha Trang, the imperial city of Hue, and the northern province of Lang Son.

It also operates tours to different destinations across Vietnam.

Another subsidiary of VRN, Hanoi Railway Transport Joint Stock Company, had also reported its record-breaking profit of VND54 billion in the third quarter, which surged three-fold compared to the same period last year.

However, the company still has an accumulated loss of VND285 billion, caused by its previous 11 consecutive quarters suffering from losses.