Core business decline
According to the financial statements for the first quarter of 2024, Hai Phong Port Joint Stock Company (Stock code: PHP) recorded consolidated net revenue of VND 566 billion, up 12.5%. After deducting cost of goods sold, gross profit reached VND 216 billion, up 16% over the same period last year. After accounting for expenses, Hai Phong Port reported a profit of VND 179 billion in the first quarter, down 14.7% over the same period last year.
Previously, in 2023, PHP's net revenue reached VND2,157 billion, down more than 8% compared to 2022. In contrast, financial revenue increased by 13%, to VND218 billion, while financial expenses halved, to VND9 billion.
The company also recorded other profits for the year reaching nearly VND90 billion, 5.1 times higher than the previous year; other income reached VND140 billion, 7 times higher than the previous year, mainly coming from compensation for a crane damaged by a collision with a foreign ship.
In 2023, PHP reported pre-tax profit of VND915 billion and after-tax profit of VND746 billion, up 3% over the previous year. This is also the highest profit the company has achieved since its listing in 2015.
Looking at the overall business picture of Hai Phong Port, it can be seen that the core business activities of the enterprise are not positive. The company recorded high profits and growth thanks to other income, other profits and financial revenue.
Cash down 11% in 3 months
As of March 31, 2024, Hai Phong Port's total assets reached VND 7,097 billion, an insignificant change compared to the beginning of the year. Of which, cash and cash equivalents and term deposits reached VND 1,930 billion, down nearly 11% compared to the beginning of the year. Previously, at the end of 2023, this item also decreased sharply by 30% compared to the beginning of the year.
Customer receivables reached VND289 billion, up 16.8%. Of which, the largest proportion was receivables from SITC Container Lines Co.LTD (VND45.8 billion); Maersk A/S (VND26.5 billion); Wan Hai Lines Ltd (VND18.2 billion); VTB International Agency and Brokerage Co., Ltd (VND16.6 billion).
Other receivables were at VND236.6 billion, down 10.4% compared to the beginning of the year; mainly short-term receivables at VND236.5 billion.
An item that accounts for a large proportion of Hai Phong Port's asset structure is long-term unfinished assets with VND 1,848 billion, up 14% compared to the beginning of the year. Mainly the value of unfinished basic construction at Project 02 container terminals No. 3,4 of Lach Huyen Gateway Port with VND 1,845 billion, the figure at the beginning of the year was VND 1,618 billion.
Fixed assets were VND1,947 billion, down 1.4% compared to the beginning of the year; long-term financial investment reached VND335 billion, up 6%. Of which, investment in joint ventures and associates was VND319 billion; capital contribution to other units was VND17 billion. The company made a provision for a decrease in the value of long-term investments of VND1 billion.
Bad debt 36 billion VND
Notably, Hai Phong Port has a bad debt of more than 36 billion VND, the company has set aside a risk provision of 35.5 billion VND for this debt. Of which, mainly debts overdue for more than 3 years, at 34.8 billion VND, Hai Phong Port has set aside a provision of 34.8 billion VND, equivalent to 100% of the debt value; the rest are debts overdue from 2 years to less than 3 years, debts overdue from 1 year to less than 2 years, totaling more than 1.2 billion VND.
As of March 31, 2024, the payable debt at Hai Phong Port was VND 1,183 billion, down 12% compared to the beginning of the year. Of which, the loan debt was VND 520 billion, down 3.7% compared to the beginning of the year. The company has a long-term debt due for payment of more than VND 24 billion, this is a Phase II ODA loan.
Equity increased by 3.1%, reaching VND5,914 billion, of which VND984 billion was undistributed profit after tax.
Source: https://laodong.vn/kinh-doanh/mang-kinh-doanh-cot-loi-suy-giam-cang-hai-phong-lai-cao-nho-dau-1325427.ldo
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