AsemconnectVietnam - Despite possessing VND612.9 billion in cash but with outstanding debt of VND5,586.6 billion, Petrovietnam Phuoc An Port Investment And Operation Joint Stock Company (PAP - UPCoM) has decided to continue investing in expanding the Phuoc An Port project.

Phuoc An Port has just approved the investment for the construction of the Phuoc An Port - Phase 3 project, covering an area of 55.37 hectares. The project will invest in building berths capable of receiving cargo ships with a tonnage of up to 60,000 DWT.
The total projected investment is VND7,942.47 billion (including construction costs of VND4,570.2 billion, equipment costs of VND2,622.46 billion, etc.), to be implemented from 2025 to 2027, with investment capital including equity and loans.
In reality, as of December 31, 2025, Phuoc An Port had VND612.9 billion in cash but total outstanding loans amounted to VND5,586.6 billion, equivalent to 286.3% of total equity. Of this, short-term debt was VND460.8 billion and long-term debt was VND5,125.8 billion.
Regarding business operations, 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. Net profit after tax was a negative VND125.67 billion, compared to a loss of VND23.8 billion in the same period last year, representing an increase in losses 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 last year.
In addition, financial revenue was recorded at VND10.31 billion, compared to none 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 significant pressure from rising financial, sales, and administrative expenses, resulting in 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; after-tax profit was a negative VND504.69 billion, compared to a loss of VND17.31 billion in the same period. Of this, the company operated below cost, resulting in a gross loss of VND191.5 billion.
With these losses, as of December 31, 2025, Phuoc An Port's total accumulated losses reached VND535.9 billion (compared to an initial accumulated loss of VND31.22 billion), equivalent to 23.1% of its charter capital.
N.Nga
Source: VITIC/Tinnhanhchungkhoan