Taxi major Vinasun reports $2.4 mln profit in Q2

Vinasun, a traditional taxi giant in Vietnam, recorded an after-tax profit of VND57 billion ($2.44 million) in the second quarter, five times higher than the first quarter and opposed to the VND66 billion ($2.82 million) loss in the same period last year.

Its net revenue reached nearly VND250 billion ($10.7 million), up 65% year-on-year, according to the firm's financial report.

The sharp increase in profit was fueled by the full recovery of business activities post pandemic. "Our drivers have returned and 100% of our fleet are back in action," Vinasun wrote.

In the first six months, the company's net revenue hit VND411 billion ($17.58 million), up 10% over the same period last year.

Vinasun's after-tax profit reached VND69 billion ($2.95 million), while it reported a nearly VND97 billion ($4.15 million) loss in H1/2021.

As of the end of June, Vinasun had total assets exceeding VND1,500 billion ($64.18 million) and liabilities of VND230 billion ($9.84 million). It retains an undistributed after-tax profit of VND235 billion.

Previously, the taxi company had suffered two consecutive losses of $8.98 million in 2020 and $11.85 million in 2021.

On the Ho Chi Minh City Stock Exchange, the VNS shares price hit VND14,300 ($0.61) a piece at the closing session on July 25.

Meanwhile, ride-hailing firm Grab Vietnam saw a loss of VND300.5 billion ($12.82 million) last year after recording a $10.36 million profit in 2020.

The subsidiary of super app major Grab reported an accumulated loss of $186 million by the end of last year.

It achieved a net revenue of $142.7 million in 2021, down 11% year-on-year.