Record Profit Achieved by Saigon Railway

Saigon Railway Joint Stock Company has reported a remarkable milestone in its financial performance, with an after-tax profit of VND43 billion (US$1.7 million) for the third quarter. This represents the highest quarterly profit the company has achieved since its establishment. Despite a 13% year-on-year decrease in net revenue, the company managed to achieve a 129% increase in quarterly profit. This was primarily due to increased travel demand from both domestic and foreign customers, particularly during the Lunar New Year holiday and the summer season.

The company’s after-tax profit for the first nine months of the year reached VND81 billion, marking a significant 110% rise compared to the same period last year. This surpassed the targeted annual profit of VND600 million. However, it is important to note that the company still faces an accumulated loss of VND312 billion as of September 30, resulting from nine consecutive quarters of losses.

Saigon Railway’s total assets amounted to VND1.08 trillion, with accounts payable standing at nearly VND900 billion. These figures represent a 12% and 20% decrease respectively compared to the beginning of the year.

As a subsidiary of the state-owned Vietnam Railways (VRN), Saigon Railway JSC operates routes connecting Ho Chi Minh City to various destinations, including Hanoi, Nha Trang, Hue, and Lang Son. The company also offers tours to different destinations across Vietnam.

In a similar vein, another subsidiary of VRN, Hanoi Railway Transport Joint Stock Company, reported a record-breaking profit of VND54 billion in the third quarter, which represents a three-fold increase compared to the same period last year. However, the company still faces an accumulated loss of VND285 billion, resulting from eleven consecutive quarters of losses.