AsemconnectVietnam - Phuoc An Port Investment and Exploitation Joint Stock Company (PAP - UPCoM) recorded a loss of VND125.67 billion in the fourth quarter, bringing the cumulative loss for 2025 to VND504.69 billion.

In the fourth quarter of 2025, Phuoc An Port recorded revenue of VND82.81 billion, a 36.99-fold increase compared to the same period; after-tax profit recorded a loss of VND125.67 billion compared to a loss of VND23.8 billion in the same period, an increase of VND101.87 billion. The company continued to operate below cost.
During the period, due to operating below cost, Phuoc An Port recorded a gross loss of VND29.62 billion compared to a loss of VND17.76 billion in the same period.
Furthermore, during the same period, financial revenue recorded VND10.31 billion compared to no revenue recorded in the same period last year; financial expenses increased 23.59 times, equivalent to an increase of VND76.21 billion, reaching VND79.44 billion; selling and administrative expenses increased by 852%, equivalent to an increase of VND23.94 billion, reaching VND26.75 billion, and other activities showed insignificant fluctuations.
Thus, in addition to operating below cost, Phuoc An Port also faced pressure from sharply increased financial, selling, and administrative expenses, leading to a net loss of VND125.67 billion.
Cumulatively in 2025, Phuoc An Port recorded revenue of VND154.81 billion, a 70-fold increase compared to the same period last year; after-tax profit recorded a loss of VND504.69 billion compared to a loss of VND17.31 billion in the same period last year. In particular, the company's operations were conducted below cost, resulting in a negative gross profit of VND191.5 billion.
Due to these losses, as of December 31, 2025, Phuoc An Port's total accumulated losses reached VND535.9 billion (compared to a cumulative loss of VND31.22 billion at the beginning of the year), equivalent to 23.1% of its charter capital.
Not only did the company operate at a loss, but in 2025, Phuoc An Port recorded a negative operating cash flow of VND1,911.7 billion, compared to a negative VND314.4 billion in the same period. Additionally, during the same period, investment cash flow was positive VND1,365.3 billion and financing cash flow was positive VND876.9 billion, mainly due to increased borrowing to offset the operating cash flow deficit.
In terms of asset size, as of December 31, 2025, Phuoc An Port's total assets increased by 57.2% compared to the beginning of the year, equivalent to an increase of VND4,075 billion, reaching VND11,195.9 billion. Of this, key assets accounted for VND5,070.8 billion, representing 45.29% of total assets; fixed assets accounted for VND4,017.1 billion, representing 35.88% of total assets; short-term receivables accounted for VND1,225.8 billion, representing 10.95% of total assets; and other items.
Furthermore, regarding capital sources, as of the end of 2025, Phuoc An Port's total short-term and long-term debt increased by 70.7% compared to the beginning of the year, equivalent to an increase of VND2,313.2 billion, reaching VND5,586.6 billion, equivalent to 286.3% of total equity. Of this amount, short-term debt is VND460.8 billion and long-term debt is VND5,125.8 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan