Vietnam Anh Duong Joint Stock Company (Vinasun – HoSE: VNS) recently announced its financial report for the first quarter of 2022. Accordingly, the company made a net profit of 57 billion dong, this is the second consecutive quarter of Vinasun’s profit after the first quarter of 2022.
In the second quarter, Vinasun’s net revenue reached 247 billion dong, up 65% compared to the same period in 2021. Accumulating 6 months, net revenue reached 411 billion dong, up 10%.
Revenue increased but COGS fell sharply, so Vinasun’s 2nd quarter gross profit reached 87 billion dong, while the same period lost 27.5 billion dong, accumulated in 6 months, gross profit reached 123 billion dong (same period loss 20 billions dong).
In addition, revenue from financial activities in the second quarter of the company also increased sharply by 120% to 5.3 billion dong, mainly from interest on deposits and loans. Along with the reduction of all kinds of expenses, namely financial expenses decreased by 78%, selling expenses decreased by 35%, and general and administrative expenses increased by 4%, leading to the profit from business activities of the company. Vinasun reached 54 billion dong and in the same period lost 75 billion dong, accumulated 6 months was 59 billion dong.
Plus another profit of 4.5 billion dong, in the second quarter of 2022, Vinasun reported pre-tax profit of 58 billion dong, and profit after tax of 57 billion dong, accumulated after-tax profit from the beginning of the year to now is 69 billion dong.
In the explanation document, Vinasun said that the reason for the positive business results is that the policies that the Company has been implementing in the past time have brought into play. Specifically, drivers have returned to the company to continue doing business, 100% of cars have been put into operation (no longer parked cars), costs have been reasonably reduced. Besides, because the Covid epidemic has been controlled, business and trade activities of the economy have recovered, which has had a positive impact on the Company’s business activities. This leads to a strong growth in the Company’s business results in the second quarter of 2022
Accordingly, in 2022, Vinasun determines the key task is to end losses and make a profit. To achieve this goal, Vinasun accelerates the liquidation of vehicles in order to reduce depreciation costs and minimize the number of vehicles lying in the parking lot.
In addition, the company paid loans ahead of time in order to reduce interest expenses, suspend operations of branches that are likely to continue to be affected by the Covid epidemic, and speed up the restructuring of public management organizations. company, reduce personnel.
On the balance sheet, Vinasun’s total assets reached VND 1,504 billion, down VND 68 billion compared to the beginning of the year. Vinasun’s cash and deposits are VND 485 billion, an increase of VND 114 billion compared to the beginning of the year. Total debt decreased by about 135 billion dong. In which, total debt and finance lease decreased by 137 billion VND.
The number of employees of the company has increased again, increasing by 270 people to 2,034 people compared to 1,764 people at the end of the first quarter of 2022.
In the trading session on July 25, VNS shares increased to the ceiling by 6.8% to 13,350 VND/share.