AsemconnectVietnam - Vietnam Shipping Joint Stock Company (Vosco, code VOS – HoSE) recorded a profit of VND1.08 billion in the second quarter, accumulated in the first 6 months of 2023 recorded a profit of VND74.14 billion, down 76.5% compared with the same period last year.

In the second quarter of 2023, Vosco recorded revenue of VND1,042.6 billion, up 51.1% over the same period and profit after tax of VND1.08 billion, down 99.6% over the same period last year. In which, gross profit margin dropped sharply from 42.7% to only 2.9%.
It is known that before that, Vosco continuously maintained record high gross profit margin. In which, in 2021, it will record 31.82% and in 2022, it will record 30.48%. Thus, gross profit margin is plunging in the second quarter and first six months of 2023 after a sharp improvement in 2021 and 2022.
During the period, gross profit decreased by 89.7% over the same period, corresponding to a decrease of VND264.23 billion, to VND30.43 billion; financial revenue increased by 7%, equivalent to VND1.11 billion, to VND16.96 billion; financial expenses decreased by 70.6%, equivalent to a decrease of VND16.94 billion, to VND7.06 billion; selling and administrative expenses decreased by 28.9%, corresponding to a decrease of VND14.1 billion, to VND34.74 billion; other profit decreased by 99.8%, equivalent to VND73.36 billion, to VND0.18 billion.
Thus, in the second quarter, although the Company reduced financial, sales and administrative expenses, the profit still decreased by 99.6%, mainly due to the decline in gross profit.
The company said that the other reason for the decrease in profit was that in the same period, it recorded VND73.5 billion from debt restructuring. In addition, in terms of business activities, the container market dropped sharply, leading to many ships that were previously leased by T/C abroad, but returned to operate in the domestic market because they could not continue to increase the supply of ships. Meanwhile, the demand for transportation dropped due to the sharp decline in consumer demand and production of goods, leading to a deep drop in freight rates.
Accumulated in the first 6 months of 2023, Vosco recorded revenue of VND1,561.7 billion, up 43% over the same period and profit after tax recorded VND74.14 billion, down 76.5% over the same period last year.
It is known that in 2023, Vosco sets a total revenue of VND1,597 billion and pre-tax profit of VND197.7 billion. Thus, at the end of the first half of 2023 with pre-tax profit of VND84.77 billion, Vosco has only completed 42.9% of the year's profit plan.
As of June 30, 2023, total assets of Vosco increased by 4.3% compared to the beginning of the year, corresponding to an increase of VND116.1 billion, to VND2,794.2 billion. In which, assets, mainly fixed assets, recorded VND1,066.9 billion, accounting for 38.2% of total assets; short-term receivables were recorded at VND709.8 billion, accounting for 25.4% of total assets; Cash and short-term financial investment recorded VND530.5 billion, accounting for 19% of total assets and other items.
During the period, assets fluctuated mainly, short-term receivables increased by 18.2% compared to the beginning of the year, equivalent to an increase of VND109.2 billion, to VND709.8 billion; Fixed assets decreased by 12.3% compared to the beginning of the year, corresponding to a decrease of VND150.2 billion, to VND1,066.9 billion...
N.Nga
Source: VITIC/Tinnhanhchungkhoan