AsemconnectVietnam - Having just put phase 1 of Phuoc An Port into operation, Phuoc An Port Investment and Exploitation Petroleum Joint Stock Company (code PAP - UPCoM) plans a record loss.

Phuoc An Port announced documents for the 2025 Annual General Meeting of Shareholders, which is scheduled to be held on June 27 in Dong Nai province.
In 2025, Phuoc An Port plans a total revenue of VND150 billion, pre-tax profit is expected to be negative VND558.87 billion (same period, a loss of VND17.31 billion). Of which, the investment capital for construction is VND1,565.44 billion and equipment purchase is VND578.93 billion.
Regarding business orientation, Phuoc An Port said that phase 1 of the project has been completed and put into operation. In addition, the Company is carrying out construction of phase 2 and carrying out necessary legal procedures to implement the construction of phase 3 of the Phuoc An Port project; and the logistics service area (scale of 550 hectares, including a 330-hectare industrial park and a 220.4-hectare Phuoc An port logistics service area), compensation work has been basically completed.
Phase 1 has been granted a certificate of eligibility for seaport exploitation business by the Vietnam Maritime Administration since February 13, 2025; phase 2 is under construction; and phase 3 is carrying out related procedures for investment and construction.
In terms of finance and business performance, Phuoc An Port said that although Phase 1 of the Phuoc An Port project came into operation in the fourth quarter of 2024, marking a turning point in business, as well as the accounting of revenue from the project's main activities, this is also the time when the Company must account for the fixed costs invested, notably the interest expense for financing the investment in Phase 1 and the depreciation expense for Phase 1 that has officially operated. On the other hand, the operating time is not long enough, so the revenue cannot cover the costs, so at the end of the 2024 fiscal year, Phuoc An Port is still in a loss situation.
Regarding the profit distribution plan, Phuoc An Port submitted to shareholders a plan not to pay dividends in 2024 due to accumulated losses.
In terms of business activities, in the first quarter of 2025, although revenue was recorded at VND13.69 billion compared to the same period without recording, due to operating below cost price, Phuoc An Port still recorded a record loss of VND122.6 billion in profit after tax compared to the same period with a loss of VND1.49 billion.
With a record loss in the first quarter of 2025, as of March 31, 2025, Phuoc An Port recorded an accumulated loss of up to VND153.8 billion, equivalent to 6.6% of charter capital.
Another noteworthy point, previously, on May 22, 2025, the State Securities Commission (SSC) issued Decision No. 213/QD-XPHC on administrative sanctions in the field of securities and the securities market against the Company, with a total fine of VND327.5 million related to transactions with related parties and disclosure of false information.
N.Nga
Source: VITIC/Tinnhanhchungkhoan