PetroVietnam Power Corporation's thermal power plant in Ky Anh District, Ha Tinh Province. — VNA/VNS Photo Huy Hung
Forty of the largest companies by market capitalisation posted a 15 per cent annual decline in total pre-tax profit, which fell to VND162.8 trillion (US$7.02 billion) in January-September.
In the first nine months of 2019, those firms earned a total VND191.3 trillion worth of pre-tax profit.
In the third quarter, the 40 largest market-cap companies recorded VND62.1 trillion worth of pre-tax profit, which was down 9.2 per cent on-year.
The third-quarter’s annual drop of 9.2 per cent in quarterly pre-tax profit was better than the second quarter, cafef.vn reported.
Three companies suffered losses in the nine-month period, which were Vietnam Airlines, Vietjet and Binh Son Refining and Petrochemical Corporation (BSR).
The two aviation firms Vietnam Airlines (HVN) and Vietjet (VJC) recorded losses of VND10.5 trillion and VND900 billion, respectively, while BSR reported a loss of VND4.1 trillion.
Companies that logged significant declines in pre-tax profit included Masan High-Tech Materials (MSR), the Airports Corporation of Viet Nam (ACV) and consumer group Masan.
Those companies recorded their pre-tax profits were down between 73 per cent and 96 per cent year on year.
Others such as Sai Gon Beer-Alcohol-Beverage JSC (Sabeco), Phu Nhuan Jewellery JSC (PNJ), Vincom Retail (VRE), PetroVietnam Gas (PV Gas) and PetroVietnam Power (PV Power) logged 20-30 per cent annual reductions in pre-tax profit between January and September this year.
Bright spots
Among the 40 largest market-cap firms were 12 banks that were able to increase their pre-tax profits by a tenth on-year to VND75.7 trillion.
The Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) logged the best annual pre-tax profit growth of 31 per cent to raise the nine-month figure to VND9.4 trillion.
Viet Nam Technological and Commercial Joint Stock Bank (Techcombank), the Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the HCM City Development Joint Stock Commercial Bank (HDBank), and Tien Phong Joint Stock Commercial Bank (TPBank) posted an annual profit growth rate of minimum 20 per cent each.
The Joint Stock Commercial Bank for Foreign Trade Viet Nam (Vietcombank) remained the top earner. Its pre-tax profit slid 9 per cent on-year to VND16 trillion at September-end.
Other companies posting three-digit profit growth rates included Giang Vo Exhibition Fair Centre JSC, Vinaconex and Novaland, steel producer Hoa Phat and Viettel Global.
Giang Vo Exhibition Fair Centre, Vinaconex and Novaland posted three-digit profit growth rates. Vinaconex made big earnings after it sold its stakes in two affiliates Vinaconex Power and An Khanh JVC. — VNS