Cat Linh - Ha Dong metro operator reports tripled profit, but thanks to... bank deposits

metro - Ảnh 1. — Hanoi people buy metro tickets at automatic ticket machines - Photo: PHAM TUAN

According to the financial report, Hanoi Metro's revenue reached VND393.2 billion in the first half of the year, up 54% year-on-year. Profit after tax reached approximately VND10 billion, three times higher than the same period last year.

It is noteworthy that most of the profit does not come from the core activity of passenger transport, but mainly from financial revenue.

Specifically, Ha Noi Metro's financial revenue in the first half of this year reached more than VND23.6 billion, 2.6 times higher than the same period last year. This revenue comes from interest on deposits and loans. As of mid-year, the company had more than VND1,200 billion in bank deposits.

Meanwhile, gross profit (revenue minus cost of goods sold) only reached over 2.1 billion VND, lower than 2.9 billion VND in the same period last year.

Regarding expenses, due to no outstanding bank loans, the report also did not record any interest payments. All business management expenses included in the figure of more than 13 billion VND were accounted for.

If only with the gross profit obtained purely from sales and service provision activities (more than 2.1 billion VND), after deducting expenses, Ha Noi Metro could have recorded negative profit.

Because it is a semi-annual financial report, the company has not yet disclosed the detailed revenue structure. However, previously, "subsidies" were the "lifeline" of this public infrastructure operating company.

According to the audited financial report for 2024, the company's main source of revenue still comes from budget subsidies, with nearly 540 billion VND, accounting for nearly 86% of total revenue, and continuing to increase compared to the previous year.

The rest comes from service revenue (ie ticket sales), reaching VND89.6 billion, accounting for about 14%. Thus, for every VND1 sold, Hanoi Metro receives VND6 in subsidies.

Although ticket sales last year were not enough to cover the cost of capital, they increased by 21% compared to the previous year, showing a significant increase in the number of passengers, especially after the Nhon - Hanoi Railway Station metro line began operating from August 2024.

This year, Ha Noi Metro said that from August 1, the unit will increase metro train ticket prices, including two routes: Cat Linh - Ha Dong and Nhon - Hanoi station.

The highest ticket price for 12 stations of the Cat Linh - Ha Dong line is 19,000 VND/trip, an increase of more than 26% compared to the current price. The new ticket price will be applied from August 1 on both the Cat Linh - Ha Dong and Nhon - Hanoi station metro lines, for 3 types of tickets: single ticket, daily ticket and monthly ticket.

In addition, two new types of tickets will be added: weekly tickets and long-term tickets; and group tickets will be discontinued from August 1. For free tickets, the current policy will still apply.

By implementing many solutions, Hanoi Metro aims to achieve total revenue of VND878 billion in 2025, after-tax profit of VND20.7 billion and serve more than 19.3 million passengers.

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BINH KHANH

Source: https://tuoitre.vn/cong-ty-van-hanh-metro-cat-linh-ha-dong-bao-lai-gap-3-nhung-nho-tien-gui-ngan-hang-20250806142609755.htm