Port service sector companies post good profits

31-Jul-2012 Intellasia | TTVN/HNX | 11:32 AM

Doan Xa Port JSC (coded DXP), Dinhvu Port Investment & Development JSC (coded DVP), Vietnam Container Shipping JSC (coded VSC), Dong Nai Port JSC (coded PDN) and Vietnam Vegetexco Port JSC (coded VGP) has recently reported higher profits in Q2/2012 due to big revenue.

The most impressive one is DXP which reported net revenue of 73.2 billion dong, up 81 percent year-on-year due to the increase of 57 percent in goods exchanging volume and frozen container quantity increase plus the staying duration in port made their revenue from warehousing operations in Q2/2012 rise by 26.7 billion dong, equally 832.22 percent on year.

In this quarter, DXP also received 2.25 billion dong of profit divided from its financial investment in Vietnam Hi-Tech Transportation Co Ltd in 2011 that led its financial revenue up 66 percent year-on-year.

Although management cost increased by 68%, DXP still earned profit of 26.3 billion dong, up 117 percent compared with the same period last year. It raised accumulative profit after tax in H1/2012 to 38.7 billion dong, up 77 percent over H1/2011. Its earnings per share (EPS) in Q2/2012 reached 3,339 dong; EPS in six months was 4,912 dong.

DVP’s profit after tax in Q2/2012 reached 56.87 billion dong, up 41 percent on year, raised accumulative in H1/2012 up to 101 billion dong, up 34 percent year-on-year, equalling 78 percent year’s plan.

In comparison with the beginning of 2012, DVP decreased the short term loan from 74 billion dong to 18 billion dong by Jun/2012. This was the main reason for decrease in the financial cost year-on-year.

Similarly, in Q2, VSC received a reimbursement from securities investing provision worth 6.72 billion dong which contributed to a hit of 55 billion dong profit after tax on year. Cumulatively in six months, VSC posted to earn about 107.7 billion dong profit, up 13 percent compared with Q2/2011 and equally 76 percent year’s plan. Its EPS in H1/2012 was 4,541 dong.

PDN and VGP earned profit but the growth rate still decreased compared with the same period in 2011. PDN’s profit after tax in Q2/2012 reached 10.39 billion dong, down 16.6 percent on year. Accumulative profit after tax in six months was 18.45 billion dong, equalling the number in 2011 and completing 45 percent 2012′s plan.

VGP’s net profit in Q2/2012 was 4.89 billion dong, down 13.5 percent year-on-year. It raised accumulative profit in H1/2012 to 9.83 billion dong, down 11 percent compared with H1/2011. VGP completed nearly 40 percent year’s plan by June, 2012.

Notably, by the end of Q2/2012, VGP’s inventory amount was 9.82 billion dong while at the beginning of this quarter it was only 4.8 million dong.