Toll booth operator’s losses treble despite revenue surge

By Minh Son July 30, 2021 | 07:58 pm PT

Cars pass through a toll booth on Cau Gie- Ninh Binh Expressway connecting Hanoi with the northern province of Ninh Binh. Photo by VnExpress/Anh Duy.

Transport infrastructure developer Tasco, owner of many toll stations, saw revenue increase nearly 30 percent in Q2, but said its losses more trebled because of interest payments.

According to its financial statement for the second quarter, the Tasco Joint Stock Company earned revenues of over VND227 billion (nearly $9.87 million), but racked up losses of over VND49 billion.

In the first half of this year, Tasco made net losses of more than VND73 billion, compared with the losses of over VND9 billion in the same period last year.

The losses were also due to the coronavirus pandemic that has made traffic slump.

As of June, Tasco’s total assets were valued at more than VND9.9 trillion and its equity at nearly VND2.9 trillion, but it owed more than VND7 trillion to its creditors.

Considered the big boss of toll booths, Tasco has upgraded and built many national road sections in the Build-Operate-Transfer (BOT) mode. It has also developed some big real estate projects.