Vinalines posts profit of US$900,000 in 9 months
During the period, the shipping firm handled 62.93 million tons of cargo at domestic ports and transported another 18.66 million, equivalent to 64.1% and 86.9% of the year plan, respectively.
State-run Vietnam National Shipping Lines (Vinalines) recorded revenue of VND11.73 trillion (US$502.36 million) in the first nine months of 2018, and a profit of VND21 billion (US$900,000), announced the firm in a meeting on October 12.
Illustrative photo.
|
On September 5, Vinalines raised VND54.3 billion ($2.33 million) from an initial public offering (IPO). The proceeds were modest compared to Vinalines' expectation of at least VND4.89 trillion (US$210 million).
Specifically, Vinalines sold 5.43 million shares or only 1.11% of the shares offered at the IPO at an average price of VND10,000 (US$0.43) apiece. A total of 42 investors took part in the auction, of which 40 were individual investors and two organizations, stated HNX.
Under the initial plan the shipping firm offered 488.82 million shares or 34.8% of its charter capital in the IPO at a starting price of VND10,000 (US$0.43) apiece. After the IPO, the government would retain a 65% stake and another 0.2% of charter capital was set to be sold to employees.
After the move, the firm will complete procedures to transform into a joint stock company by the end of 2018.
Vinalines currently manages and operates a diverse fleet including container ships, bulk carriers, oil tankers, and other types of cargo vessels. The Vinalines fleet has large bulk carriers up to 73,000 DWT, 1,800 TEU container ships, and 50,000 DWT oil tankers.
Of the total of 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines' fleet took 20.2%.
Overall, the firm saw its debt reduced by VND10.6 trillion (US$440 million) in period 2014 - 2017, according to Le Quang Trung, vice general director of Vinalines.
In the first six months this year, Vinalines posted revenue of VND533 billion (US$22.83 million) and net loss of VND1.14 trillion (US$48.83 million). For the remaining six months, Vinalines targeted profit of VND143 billion (US$6.12 million).
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues