Central city port gains 37 per cent profit growth in Q1

Monday, May 11, 2020 17:15

Giant cranes unload containers from a cargo ship at the Tien Sa Port in Da Nang City. The port reported a 37 per cent growth in the first quarter of 2020. — VNS Photo Cong Thanh

Although economic growth was impacted by COVID-19 in the first quarter of 2020, Da Nang Port Joint Stock Company earned revenue of VND224.4 billion ($9.75 million) from sales and services, earning gross profit of VND70.09 billion ($3.04 million) and $2.44 million after tax profit (nearly 37 per cent growth).

In a report released on Thursday, the company said it would achieve revenue of VND855 billion ($37.1 million), and profit after tax of VND240 billion ($10.43 million) in 2020.

Following a 37 per cent growth in the first quarter, interest per share of Da Nang Port company (CDN) on the Ha Noi Stock Exchange was valued at VND567, an increase of VND153 in comparison to the same period last year.

The company earned VND184 billion (US$8 million) after tax profit in 2019, a 24.86 per cent year-on-year growth.

It said Tien Sa Port handled 10.4 million tonnes including 470,000TEUs (twenty-foot equivalent units) in 2019, up 20.29 per cent.

According to the report, the company has 99 million shares with total value of VND1.35 trillion ($58.86 million), of which 75 per cent are owned by Viet Nam National Shipping Lines, or VINALINES (equivalent to VND990 billion, or $43.03 million). Wan Hai Lines from Singapore has 20.26 per cent of the company’s total shares.

Tien Sa port, which was a key hub in central Viet Nam and met international logistics standards in the region connecting the East-West Economic Corridor that links Laos, Thailand, Myanmar and Viet Nam, received on average 23 ships from 15 shipping agencies per week.

It allows access to 70,000DWT (deadweight tonnage) ships, and 150GT (gross tonnage) cruise ships.

According to the Ministry of Transport, Da Nang City’s port system, including Tien Sa, Lien Chieu and Son Tra, would handle 29 million tonnes of cargo by 2030. — VNS

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