Vosco’s accumulated loss exceeded VND860 billion

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In the third quarter of 2020, Vietnam Sea Shipping Joint Stock Company (Vosco, HoSE: VOS) recorded a decrease of 12% in net revenue compared to the same period last year, to VND293 billion. Notably, other profits reached nearly 38 billion, while the figure in the same period was only 19 million dong. According to VOS, in the third quarter, the company sold and handed over the Vega Star vessel with a turnover of 36 billion dong.

During the period, financial expenses and administrative expenses increased simultaneously. As a result, VOS reported a loss of nearly 22 billion dong, while the same period saw a loss of over 74 billion dong.

VOS explains the reason because the shipping market continues to face many difficulties with the impact of the second wave of Covid-19 epidemic in many countries. Facing this situation, VOS has applied many measures to manage techniques, fuel, spare parts and materials, at the same time take advantage of opportunities to increase the efficiency of ship operation. In addition, thanks to the handover of the Vega Star vessel in the third quarter, although the business result still suffered losses, the loss decreased over the same period.

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Source: Quarter III / 2020 consolidated financial statements of VOS.

In the first 9 months of the year, net revenue of Voscp decreased 17% to 972 billion dong, and net loss was over 139 billion dong, bringing the total accumulated loss as of September 30 to nearly 863 billion dong.

Notably, administrative expenses increased sharply to 67 billion dong, 3 times higher than the same period, and other profits reached more than 63 billion dong (the same period saw just over 579 million dong).

As of September 30, 2020, the total assets of VOS are more than 2,993 billion dong, down 4% compared to the beginning of the year. Short-term receivables also decreased slightly to VND 541 billion. In which, VOS has to collect more than 86 billion VND from Vietnam National Shipping Lines (the parent company) and more than 10 billion VND from Vosco Shipping Agency and Logistics Company Limited (Subsidiary).

In contrast, short-term financial investment recorded nearly 199 billion dong, double the beginning of the year. Liabilities as of the end of the third quarter increased slightly compared to the beginning of the year, to over VND 2,426 billion with 34% of short-term finance lease and loans.

Source: ndh.vn – Translated by fintel.vn