Taxi firm Vinasun sees after-tax profit surge 68 percent

By Phuong Dong October 28, 2019 | 01:18 am PT

A man is about to get on a Vinasun cab in Ho Chi Minh City. Photo by VnExpress/Phuong Dong.

Leading taxi firm Vinasun has posted an after-tax profit of VND94 billion ($4.04 million) in the first nine months, a year-on-year increase of 68 percent.

Between January and September, Vinasun earned gross revenues of more than VND1.55 trillion ($66.62 million), of which 86 percent came from its taxi service, the company's financial statement said.

It attributes the higher after-tax profit to a reduction in operating costs, as well as earnings of VND65 billion ($2.79 million) from its taxi advertising service and liquidation of older cars.

By the end of the third quarter, Vinasun's total capital stood at over VND2.47 trillion (over $106 million), of which undistributed profits for shareholders accounted for over VND700 billion (over $30 million).

Dang Phuoc Thanh, Vinasun's board chairman, said at its recent annual general meeting that the company's profit is expected to increase 10 times year-on-year in 2019, thanks to its restructuring.