Vinasun profits surge fivefold in Q1

By Phuong Dong   April 20, 2023 | 02:00 am PT
Vinasun profits surge fivefold in Q1
A Vinasun taxi in Ho Chi Minh City. Photo by Shutterstock/StreetVJ
Major southern taxi firm Vinasun saw post-tax profit surging by five times year-on-year to VND53 billion ($2.26 million) in the first quarter as post-pandemic recovery sped up.

The company saw revenue doubling to VND325 billion, as the company’s fleet operated at 100% of capacity, it said in a report.

The company targets to bring revenue up 23% to VND1.35 trillion this year, while post tax profit is eyed to hit VND200 billion, the highest since 2017.

It is set to invest in 700 new cars, bringing its fleet size to over 3,500 by the end of the year.

The latest financial figures of Vinasun showed a contrast from 2020-2021 when it posted losses for eight consecutive quarters as the pandemic brought transport demand close to zero.

It had to sell over 2,900 cars and cut more than 2,500 jobs in what was a difficult period.

However, the company leaders said last year that Vinasun must strive to be in the black at all costs so that its shares will not be delisted from the Ho Chi Minh Stock Exchange.

The company’s shares now trade at a 10-month high of VND18,250 each.

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