Last year, the company operating the cable car route across the sea to Cat Ba reduced its losses but still had a daily profit deficit of about 800 million VND.
According to the information announcement of Cat Ba Sun Company Limited, the recorded after-tax profit was negative more than 284 billion VND, an improvement of nearly 8% compared to the level of 2021. On average, this enterprise loses nearly 800 million VND per day.
Equity improved more strongly, increasing by nearly 40% to about VND 412 billion. As a result, the debt-to-equity ratio decreased from 8.2 times in the same period to 6.1 times. However, in terms of absolute value, the company has a total debt of more than VND 2,500 billion, a slight increase compared to 2021.
Bonds account for a quarter of Cat Ba Sun's total debt. As of the end of last year, the company had more than VND614 billion in outstanding bonds, one and a half times its equity. Previously, in the 2019-2020 period, the company issued three batches of bonds with a total value of more than VND1,022 billion, all with a term of three years and an interest rate of 9% per year. Last year, Cat Ba Sun spent nearly VND92 billion on interest payments.
According to the Hanoi Stock Exchange (HNX), this enterprise has so far completed the payment of a bond lot worth 368 billion VND. The investor of Cat Ba cable car still has 251 billion VND in bonds that will mature at the end of August.
Cat Hai - Phu Long cable car line has been operating since June 2020. Photo: Giang Chinh
Cat Ba Sun is a member of Sungroup. The company invests in the world's longest sea-crossing cable car project with a total length of nearly 23 km.
In the first phase, the project put into operation the Cat Hai - Phu Long three-wire cable car line with a total investment of more than VND 2,200 billion. This line is nearly 4 km long with a capacity of 4,500 passengers per hour. Operating since June 2020, the Cat Hai - Phu Long cable car mainly takes visitors from Cat Hai island to near Cai Vieng wharf on Cat Ba island, shortening travel time from about 20 minutes by ferry to 9 minutes.
In the second phase, the investor will connect Phu Long station with Hien Hao, Cat Don stations and Cat Ba town. In addition, around the stations, the company will also build 2-5 star resorts , zoos, museums, golf courses, hot springs, and public beaches.
Siddhartha
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