AsemconnectVietnam - According to the consolidated financial statements for the second quarter of 2025 of Vietnam Ocean Shipping Joint Stock Company (Vosco, code VOS), due to operating below cost price, the company lost nearly VND44 billion compared to the same period with a profit of VND358.4 billion, the lowest level since 2020.

In the second quarter, VOS recorded net revenue of VND836 billion, down 55% compared to the second quarter of 2024. Thanks to the cost price decreasing more sharply than revenue by nearly 58%, the company's gross profit reached VND33.1 billion, much more positive than the loss of VND23.1 billion in the same period.
In this period, Vosco's financial revenue increased by 28.4% to VND20.8 billion. However, VOS's other income decreased sharply from VND393 billion to only VND536 million. The main reason is that in the second quarter of 2024, Vosco recorded an extraordinary profit of about VND400 billion from the sale of the Dai Minh oil tanker.
The positive point is that sales expenses and business management expenses decreased by 6.4% and 20%, respectively, to VND16.2 billion and VND18.3 billion. As a result, Vosco announced a profit after tax in the second quarter of 2025 of nearly VND10.3 billion, down 96.4% compared to the profit after tax of VND284 billion in the same period.
In the first 6 months of 2025, the company's net revenue reached VND1,298 billion, down more than 56% compared to the same period in 2024. With business below cost price, VOS reported a loss of nearly VND44 billion compared to the same period with a profit of VND358.4 billion, the lowest level since 2020.
The company said that revenue decreased due to the return of the Dai An oil tanker and Dai Hung chemical tanker since March, and the dry cargo market has been volatile due to the impact of unstable tax policies. The charter rate for Supramax ships once fell to USD2,500 - 3,000/day, causing many ships in both the Atlantic and Asia-Pacific to stay ashore waiting for goods.
Not to mention, the product tanker market has many complicated and unstable developments, with some quite gloomy times such as during the holidays or the end of March - April, causing the revenue of the dry tanker and tanker fleet to be affected.
In addition to market difficulties, in the first 6 months of the year, the Company had many ships on dry dock/long-term periodic repairs, with no revenue and the Company still had to bear the cost of the ship, including Vosco Sky, Vosco Unity, Vosco Starlight and Dai Thanh.
With the achieved results, Vosco is still far from its 2025 business target with revenue of VND6,000 billion and expected pre-tax profit of VND376 billion.
As of June 30, 2025, Vosco's total assets reached VND3,473 billion, up 20.1% compared to the beginning of the year, mainly due to investments in tangible fixed assets, with a sharp increase of 143% to VND1,155.6 billion.
On the other side of the balance sheet, Vosco's total liabilities at the end of the second quarter of 2025 were VND1,705 billion, up 89% compared to the beginning of the year. The two short-term and long-term financial loans of the enterprise were VND157.3 billion and VND432 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan