SASCO reports first ever loss

By Anh Tu   July 21, 2021 | 10:46 pm PT
SASCO reports first ever loss
A SASCO shop in HCMC's Tan Son Nhat airport. Photo courtesy of SASCO.
Southern Airports Services JSC reported its first ever quarterly loss as income from investments plummeted.

It achieved a post-tax loss of nearly VND14.5 billion (625,000) on revenues of VND117 billion, a year-on-year decrease of 36 percent. There was a sharp decline in deposit interest, dividends and profits from stakes it owns in other businesses, with revenues falling by 81 percent to VND 23.2 billion.

Its first half loss was VND8.1 billion.

The company said the fourth wave of Covid-19 starting April 27 has severely affected its performance with domestic passenger numbers at Tan Son Nhat Airport plunging while international flights remain suspended.

A sharp rise in sales and administration expenses from a year earlier worsened the situation.

For the full year SASCO has a net revenue target of over VND1.2 trillion, just 39 percent of last year’s amount.

Three companies related to Johnathan Hanh Nguyen, its chairman, own more than 45 percent of SASCO.

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