AsemconnectVietnam - Petro Vietnam Phuoc An Port Investment & Operation Joint Stock Company (PAP - UPCoM) recorded its seventh consecutive quarterly loss, bringing the total accumulated loss to VND769 billion, equivalent to 21.5% of its charter capital.

In the second quarter of 2026, Phuoc An Port recorded revenue of VND152.7 billion, an increase of 697% compared to the same period last year; after-tax profit was negative VND110.3 billion compared to a loss of VND125.1 billion in the same period last year.
During the period, revenue increased, but Phuoc An Port still operated below cost, recording a gross loss of VND21.9 billion compared to a loss of VND56.2 billion in the same period last year.
In addition, during the same period, financial revenue increased by 462.6%, corresponding to an increase of VND31 billion, reaching VND37.8 billion; Financial expenses increased by 62.8%, equivalent to an increase of VND38.4 billion, reaching VND99.6 billion; selling and administrative expenses increased by 99.6%, equivalent to an increase of VND13.1 billion, reaching VND26.2 billion; and other activities showed insignificant fluctuations.
It is known that from Q4/2024, Phuoc An Port began recording revenue when the first phase of the Phuoc An Port project came into operation. However, since then, the enterprise has continuously operated below cost and has incurred losses for 7 consecutive quarters. Specifically, Q4/2024 saw a loss of VND24 billion, Q1/2025 a loss of VND123 billion, Q2/2025 a loss of VND125 billion, Q3/2025 a loss of VND131 billion, Q4/2025 a loss of VND126 billion, and Q1/2026 an additional loss of VND122.7 billion.
In the first half of 2026, Phuoc An Port recorded revenue of VND247.6 billion, a 754.1% increase compared to the same period last year; after-tax profit showed a loss of VND223 billion compared to a loss of VND247.7 billion in the same period last year.
With continued losses, as of June 30, 2026, the total accumulated losses of Phuoc An Port reached VND769 billion, equivalent to 21.5% of its charter capital.
In addition to operating losses, in the first half of 2026, Phuoc An Port also recorded a negative operating cash flow of VND1,674.5 billion compared to a positive VND49.6 billion in the same period last year. Furthermore, investment cash flow was negative VND191.5 billion and financing cash flow was positive VND1,680.8 billion, mainly due to increased borrowing.
Regarding asset size, as of June 30, 2026, Phuoc An Port's total assets increased by 34.8% compared to the beginning of the year, equivalent to an increase of VND3,893.4 billion, reaching VND15,089.3 billion. Of this, the main assets recorded were VND6,811.1 billion in long-term work-in-progress assets, accounting for 45.1% of total assets; and VND5,610.4 billion in fixed assets, accounting for 37.18% of total assets…
Regarding capital sources, as of June 30, 2026, Phuoc An Port's total short-term and long-term debt increased by 54.5% compared to the beginning of the year, equivalent to an increase of VND3,044 billion, reaching VND8,630.6 billion. Of this, short-term debt was VND1,208.5 billion and long-term debt was VND7,422.1 billion.
Source: VITIC/Bao Tai chinh – Dau tu