Vietnam maritime firm’s debts climb up 75pct of total assets

Increasing debts along with rising interest rates in recent years have pulled after-tax profit of Vietnam Ocean Shipping Joint Stock Company (HOSE-listed VOS) down consecutively to 51.74 billion dong in the third quarter of 2011.

Increasing debts along with rising interest rates in recent years have pulled after-tax profit of Vietnam Ocean Shipping Joint Stock Company (HOSE-listed VOS) down consecutively to 51.74 billion dong in the third quarter of 2011.

The ratio of debts on total assets in VOS was recorded at 75% by September 2011. Its revenue was reported at 753.01 billion dong, direct costs estimated at 703.72 billion dong, representing the compound profit of 48.46 billion dong.

In the third quarter of earlier year (2010), VOS had earned 43.24 billion dong (thanks to other profits), 679.2 billion dong in revenues, and compound profit of 108.89 billion dong.

Among total debts of 4.068 trillion dong in the third quarter of 2011, short term loans were 400 billion dong while long term debts were 3.029 trillion dong, loan interests at 42.32 billion dong.

In the first 9 months, VOS reported accumulative financial costs at 140.42 billion dong, accumulative losses of 43.52 billion dong against the profit of 96.84 billion dong in the same period of 2010.

Source Vietbiz24

Tags: Vietnam maritime industry

Posted by VBN on Nov 10 2011. Filed under Transportation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry