Customers at an Asia Commercial Bank office. The financial sector had the highest profit growth on the Hanoi Stock Exchange in 2018 at 48.7 percent (Photo vietnamfinance.vn) Hanoi (VNS/VNA) - Listed companies on the Hanoi Stock Exchange (HNX) reported their profits grew 11.4 percent year on year to reach 19.93 trillion VND (855.6 million USD) in 2018.
According to the northern market regulator, 360 of the total 369 companies on the HNX had released their fourth-quarter earnings reports as of the end of February 2019.
Among the 360 reporting firms, 325 made profits in the fourth quarter of 2018, which rose 9.7 percent year on year to nearly 20.95 trillion VND.
Data from the northern market regulator showed seven of 11 sectors made higher profits in 2018 compared to 2017.
The financial sector had the highest post-tax profit growth rate among 11 sectors, up 48.7 percent to 8.66 trillion VND in 2018 from 5.82 trillion VND in 2017.
Leading the financial sector were commercial banks.
Asia Commercial Bank (ACB) reported 5.13 trillion VND in net profit for 2018, up 143 percent.
The figures for Saigon -Hanoi Bank (SHB) and National Citizen Commercial Bank (NVB) were 1.66 trillion VND and 39.25 billion VND, up 7.8 percent and 79 percent, respectively.
Among other financial firms, securities companies posted lower earnings for 2018.
The real estate sector also performed well in 2018 with total post-tax profit rising 35.5 percent to 1.58 trillion VND from 1.17 trillion VND in 2017 thanks to cost cuts and higher total sales.
The sectors that saw strong declines in profits included construction. Forty of 68 construction firms on the HNX posted lower earnings in 2018 compared to 2017. The sector’s total post-tax profit fell by 51.1 percent to 1.64 trillion VND from 3.38 trillion VND.
Thirty-five of the 360 companies reported losses of at least 1 trillion VND in 2018, down 15.3 percent year on year. However, the number of loss-reporting companies was 35, up 16.7 percent.-VNS/VNA
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