Passengers leave a North-South train operated by the Hanoi Railway Transport JSC.(Photo: VNA)Hanoi (VNS/VNA) - Vietnameserailway companies reported large losses in 2020 due to the impacts of theCOVID-19 pandemic.
The Hanoi Railway Transport JSC (HRT) earned 469 billion VND (20.5 million USD)in the fourth quarter of 2020, down 21 percent year-on-year.
Cost of goods sold accounts for most of net revenue, thus gross profit totaledonly over 8 billion VND, down sharply compared to 42 billion VND in the sameperiod of 2019. After deducting expenses, the after-tax loss in Q4 wasestimated at nearly 55 billion VND, while in the same period last year its losswas just more than 12.5 billion VND.
In 2020, HRT achieved revenue of 1.94 trillion VND, down 24 percentyear-on-year. It suffered a loss of 195 billion VND in the year while enjoyingprofit of 14 billion VND in 2019.
Previously at the General Meeting of Shareholders in 2020, the company approveda plan for 2020 which expected total revenue to reach 1.63 trillion VND, and aloss up to 335.4 billion VND due to the influence of COVID-19.
The Saigon Railway Transport JSC (SRT) announced Q4 revenue of 282 billion VND,down by 22.5 percent year-on-year. It reported an after-tax loss of more than 105billion VND.
For the whole year 2020, SRT reported an accumulated loss of 218 billion VND,while the business had a profit of 14.6 billion VND in 2019.
Due to the impact of the COVID-19 pandemic, many railway companies faceddifficulties. According to experts, the railway industry in 2020 experiencedthe most difficult period in history.
The Vietnam Railway Corporation (VNR) also announced that its revenue in thefirst nine months of 2020 decreased 34.2 percent year-on-year, equivalent to adecrease of 1.18 trillion VND./.
VNA
