Taxi firm Mai Linh remains in the red

Combined with 2019's losses of VND185 billion, the company has accumulated a loss of over VND1.4 trillion, while liabilities have reached VND4.2 trillion.

Revenue was VND1.07 trillion, down 32 percent year-on-year to the lowest since the company merged three subsidiaries to form Mai Linh Group in 2018.

Taxi operations, its main focus, accounted for 72 percent of revenues, down from 2019's 82 percent. The rest came from maintenance services, vehicle rental and advertisement.

Its board said the losses were "inevitable" due to the the economic downturn and low customer demand last year due to Covid-19. It was also concerned that high fuel prices and disrupted global supply would further haunt the business.

But it is expected to return to the black this year thanks to initial signs of recovery. It eyes post-tax profits of VND38 billion on revenues of VND1.67 trillion for 2022.