PetroVietnam Power Corporation's thermal power plant in Ky Anh district, Ha Tinh province (Photo: VNA) Hanoi (VNS/VNA) - Forty of the largest companies by marketcapitalisation posted a 15 percent annual decline in total pre-tax profit,which fell to 162.8 trillion VND (7.02 billion USD) in January-September.
In the first nine months of 2019, those firms earned a total 191.3 trillion VNDworth of pre-tax profit.
In the third quarter, the 40 largest market-cap companies recorded 62.1trillion VND worth of pre-tax profit, which was down 9.2 percent on-year.
The third-quarter’s annual drop of 9.2 percent in quarterly pre-tax profit wasbetter than the second quarter, cafef.vn reported.
Three companies suffered losses in the nine-month period, which were VietnamAirlines, Vietjet and Binh Son Refining and Petrochemical Corporation (BSR).
The two aviation firms Vietnam Airlines (HVN) and Vietjet (VJC) recorded lossesof 10.5 trillion VND and 900 billion VND, respectively, while BSR reported aloss of 4.1 trillion VND.
Companies that logged significant declines in pre-tax profit included MasanHigh-Tech Materials (MSR), the Airports Corporation of Vietnam (ACV) andconsumer group Masan.
Those companies recorded their pre-tax profits were down between 73 percent and96 percent year on year.
Others such as Sai Gon Beer-Alcohol-Beverage JSC (Sabeco), Phu Nhuan JewelleryJSC (PNJ), Vincom Retail (VRE), PetroVietnam Gas (PV Gas) and PetroVietnamPower (PV Power) logged 20-30 percent annual reductions in pre-tax profitbetween January and September this year.
Among the 40 largest market-cap firms were 12 banks that were able to increasetheir pre-tax profits by a tenth on-year to 75.7 trillion VND.
The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) logged the bestannual pre-tax profit growth of 31 percent to raise the nine-month figure to 9.4trillion VND.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank), theVietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), theHCM City Development Joint Stock Commercial Bank (HDBank), and Tien Phong JointStock Commercial Bank (TPBank) posted an annual profit growth rate of minimum20 per cent each.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)remained the top earner. Its pre-tax profit slid 9 percent on-year to 16trillion VND at September-end.
Other companies posting three-digit profit growth rates included Giang VoExhibition Fair Centre JSC, Vinaconex and Novaland, steel producer Hoa Phat andViettel Global.
Giang Vo Exhibition Fair Centre, Vinaconex and Novaland posted three-digitprofit growth rates. Vinaconex made big earnings after it sold its stakes intwo affiliates Vinaconex Power and An Khanh JVC./.
VNA
