Vietnam's largest Mercedes distributor unexpectedly reports a loss of nearly 26 billion VND

(NLDO)- After deducting expenses, Haxaco reported a loss after tax of nearly 26 billion VND, while in the same period last year it made a profit of more than 90 billion VND.

Hang Xanh Auto Service Joint Stock Company (Haxaco, stock code: HAX) has just announced its financial report for the third quarter of 2025 with declining business results.

Mercedes distributor reports loss of nearly 26 billion VND

Specifically, net revenue in the quarter reached nearly VND1,150 billion, down about 25% over the same period. After deducting expenses, the company recorded a loss after tax of nearly VND26 billion, while in the same period last year it made a profit of more than VND90 billion. Notably, this is the first quarter Haxaco has reported a loss since the fourth quarter of 2021.

Accumulated in the first 9 months of 2025, Haxaco's after-tax profit was only over 1 billion VND, down 99%.

Explaining the decline in business results, Haxaco said that the automobile market in the third quarter of this year had many fluctuations, when there were a series of strong discount programs not only in the luxury car segment but also spreading to the popular segment.

Haxaco's business declined in the first 9 months of 2025

At the same time, competitors continuously launch new car models with deep incentives to increase competitiveness and attract customers. In addition, operating costs also increased compared to the same period due to the expansion of operations.

"These factors have created significant pressure, narrowing the company's profit margins and profits," Haxaco explained.

Haxaco is the largest Mercedes-Benz car distributor in Vietnam. Besides Mercedes-Benz, the company also distributes MG cars.

On the stock market, at the end of the session on October 15, HAX shares fell sharply by more than 5%, down to VND 11,050/unit, down nearly 16% in the past month and down more than 30% compared to the beginning of 2025.

Source: https://nld.com.vn/nha-phan-phoi-mercedes-lon-nhat-viet-nam-bat-ngo-bao-lo-gan-26-ti-dong-196251015185725324.htm