Vinashin’s revenue in Q1/2012 down over 80pct

17-May-2012 Intellasia | VnEconomy | 1:39 PM Print This Post

The total revenue of transport firms as of the end of the first quarter of 2012 reached only 7.8 percent of the year’s plan, down over 55 percent over the same period last year, Ministry of Transport said in its report on operation situation of the transport sector in 2011 and the first three months of 2012. The report is to be sent to the National Assembly’s Economic Standing Committee

Accordingly, the industrial production value of the transport sector in Q1/2012 reached only over 1.908 trillion dong, equalling to 13 percent of the year’s plan and down 55.6 percent from the same period last year and revenue reached nearly 1.112 trillion dong, or 7.8 percent of the year’s plan and falling 55.1 percent on year.

Two large firms in the sector were also listed in the report. First, Vietnam Auto Corp reached a production value of 888.3 billion dong in Q1/2012, or 19 percent of the year’s plan and revenue of 795.7 billion dong, down 13.3 percent on year.

Due to problems related to import procedures, Vietnam National Shipbuilding Industry Group (Vinashin) lacked equipments for production and business, therefore, the shipbuilder’s production value in the first three months of this year reached only 960 billion dong, or 10.4 percent of the year’s plan and falling 72.3 percent on year and its revenue was 282 billion dong, down 81.5 percent on year.

The group said that it is building three new 53,000 dwt vessels, three new 56,200 tonne freighters, two new 47,000 tonne ships, three new 34,000 dwt ships, five 22,500 tonne cargo vessels and other containers.

In addition, as of the end of April 2012, the ministry’s affiliates were committed to save and reduce production and business costs totalled 901 billion dong.

According to the ministry, the main reason of capital shortage was due to difficulties in the capital sources from the state budget, therefore, the capital plan in 2011 for Ministry of Transport was lower than that of 2010, especially the capital for projects using the government bonds. Such fact has made many projects of the ministry lacking of capital against the investment demand for basic construction, reaching only about 55%.

Regarding the operations of transport sector in Q1/2012, the ministry said that passenger transport (including road, air, railway and waterway) in Q1/2012 was estimated to reach 807.8 million people, rising 14.3 percent on year.

Cargo transport in Q1/2012 was estimated to reach 215.2 million tonnes, or 10.3 percent over the same period last year and cargo through seaports reached 65.3 million tonnes, rising 0.3 percent on year.

 


Category: Business

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