Haxaco Chairman's worries 'came true': Mercedes-Benz Distributor (HAX) suffered a net loss, completing only 6% of the year's profit plan in 9 months

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

Accordingly, the company's sales revenue reached nearly 1,150 billion VND, down 25% compared to the same period last year. Subtracting the cost of goods sold, the company's gross profit reached nearly 60 billion VND, down 66%.

Sales and administrative expenses also increased compared to the third quarter of 2024, at VND59 billion and VND36 billion, respectively. Although there was an additional income of more than VND20 billion, this was not enough to help the company escape losses. Specifically, HAX reported a loss after tax of VND25.7 billion, while in the same period last year it made a profit of more than VND90 billion. This is Haxaco's first loss-making quarter since the fourth quarter of 2021.

According to Haxaco's explanation, in the third quarter of 2025, the automobile market recorded many fluctuations, distributors launched a series of strong discount programs not only in the luxury car segment but also spread to the popular segment. In addition, Haxaco's operating costs increased compared to the same period due to the process of expanding the scale of operations. These factors created significant pressure, narrowing the company's profit margin and profits.

In the first 9 months of 2025, Haxaco achieved 3,137 billion VND in revenue, down 15%; after-tax profit reached more than 1 billion VND, down 99%. Profit decreased more sharply than revenue due to increased expenses. Financial expenses increased by 73%; sales and management expenses increased by 16-44%. Thanks to other income of more than 64 billion VND, the company escaped losses.

In 2025, Haxaco plans to have a pre-tax profit of 260 billion VND. With the figure of 16 billion VND achieved in 9 months, the company has only completed 6% of the plan.

Previously, at the 2025 Annual General Meeting of Shareholders of Hang Xanh Auto Services JSC, Chairman of the Board of Directors Do Tien Dung expressed his view that the Vietnamese automobile market this year continues to face many challenges, especially in the first 6 months of the year when the economy has not shown clear signs of improvement.
According to the Chairman, 2025 will be a challenging year for the auto industry in general and Haxaco in particular. However, the company still sets a profit target that is the same as last year. The Company's Board of Directors has held many meetings to make this decision instead of lowering the target in the face of difficulties.

As of September 30, 2025, HAX's total assets were recorded at VND 2,360 billion, down from VND 2,409 billion at the beginning of the year. Of which, cash and cash equivalents decreased sharply from VND 261.8 billion to VND 117.6 billion. Inventories increased by more than VND 150 billion to VND 812 billion.

On the other side of the balance sheet, the company's total liabilities at the end of September 2025 were over VND1,000 billion, a slight increase compared to the beginning of the year. Of which, the majority were short-term loans of nearly VND720 billion.

Source: https://daibieunhandan.vn/su-lo-lang-cua-chu-cich-haxaco-ung-nghiem-nha-phan-phoi-mercedes-benz-hax-lo-rong-9-thang-chi-hoan-thanh-von-ven-6-ke-hoach-loi-nhuan-ca-nam-10390441.html