Major shipping firms report mixed Q1 profit results
Shipping major PVTrans reported a profit increase of 24% year-on-year from January-March, while its peers VIMC, Gemadept and Viconship posted drops of 42%, 20% and 61%, respectively.
Vietnam Maritime Corporation (VIMC), the country's leading maritime service provider, made an after-tax profit of VND396.5 billion ($16.9 million) in the first quarter, down 42% year-on-year. Its net revenue reached VND2.85 trillion ($121.48 million), down 12%, according to its consolidated financial statement.
As of March 31, 2023, the company's assets had stood at VND26.98 trillion ($1.15 billion), of which inventory hit VND515 billion ($21.96 million), down 13% compared to the beginning of the year.
VIMC is registered on the unlisted public company market UPCoM as MVN, and closed at VND13,100 ($0.56) on Friday.
At the 2023 annual general meeting of shareholders on April 20, general director Nguyen Canh Tinh said that the corporation targets consolidated revenue of VND13.35 trillion ($569.4 million) and pre-tax profit of VND2.33 trillion ($99.4 million) for 2023, equivalent to 87% and 76% of 2022's actual figures, respectively. Notably, VIMC's main source of revenue from shipping declined.
Meanwhile, Gemadept, Vietnam's leading port, logistics and shipping company, recorded an after-tax profit of VND254.8 billion ($10.86 million), down 20% year-on-year.
Its consolidated net revenue reached VND902 billion ($38.46 million), up 2%, according to the corporation's consolidated financial report.
As of March 31, 2023, Gemadept's total assets had reached VND13.27 trillion ($565.66 million), up 2% compared to the beginning of the year. Of this, short-term financial investment hit VND33 billion ($1.4 million), down 2.5 times compared to the beginning of the year.
On the Ho Chi Minh City Stock Exchange (HoSE), GMD shares hit VND50,000 ($2.13) on Friday.
Viconship, the largest port company in Hai Phong city, posted after-tax profit of VND42.8 billion ($1.8 million) in Q1, down 61% year-on-year, and net revenue of VND463 billion ($19.7 million), down 1%.
The company said that in Q1, financial expenses increased due to higher interest on bank loans, while its profit margin decreased compared to the same period last year because some ships had to move to other ports due to conflicting schedules. In addition, selling and administrative expenses and other expenses rose compared to the same period last year.
Viconship, listed on the HoSE as VSC, is targeting revenue of VND2.25 trillion ($95.9 million) for 2023, up 12% year-on-year, but after-tax profit of VND260 billion ($11 million), down 45%.
The VSC share price hit VND28,350 ($1.2) at Friday's close.
As of March 31, 2023, VSC's assets had stood at VND4.42 trillion ($18.85 million), up 1% compared to the beginning of the year. Of which, short-term assets reached VND1.41 trillion ($60 million), up 8%.
At the 2023 annual general meeting of shareholders on March 10, the company approved a pre-tax profit target of VND260 billion ($11.09 million), down 46% year-on-year, and revenue of VND2,250 billion ($95.95 million), up 12%, for 2023.
Viconship leaders said that high bank loan interest payment is a major reason behind its lower profit target for 2023.

A PVTrans ship. Photo courtesy of the company.
In the opposite direction, PetroVietnam Transports Corporation (PVTrans) achieved net revenue of VND2.04 trillion ($87.1 million) and after-tax profit of VND240 billion ($10.2 million), up 1% and 24%, respectively.
The company said Q1 profit increased mainly due to the increase in the efficiency of the company's fleet and financial performance.
On the HoSE, PVTrans's PVT shares were VND20,200 ($0.86) at Friday's close.
At the end of March 2023, PVTrans's assets had been VND14.18 trillion ($604.49 million), of which short-term financial investment hit VND3.17 trillion ($135.2 million), up 17% compared to the beginning of the year.
This year, PVTrans expects revenue of VND6.8 trillion ($289.97 million) and after-tax profit of VND538 billion ($22.9 million), equal to 71% and 46.5% of 2022's actual tallies.
The company plans to make investments of VND4.11 trillion ($175.46 million), of which VND3.85 trillion will be spent on ships, while the rest on capital contribution or stake acquisitions at some member companies like Phuong Dong Viet Shipping And Logistics Corporation, Thang Long Maritime, and Indochina Petroleum Transportation JSC. About 65% of the total investment capital will come from loans and other sources.
Leading broker VNDirect said it believes positive factors lie ahead in 2023 that could offset the negative impact of price reductions. In addition to China's reopening to global trade, the average Brent oil price is forecast to stay around $90 per barrel this year, which will help reduce fuel costs for shipping companies.
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