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Shipping and mining sector suffer heavy first-half losses

2013-08-12 13:55:25

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Only 18 per cent of Viet Nam’s listed companies reported first-half losses, but some of these ran into hundreds of billions of dong with maritime transport and mining businesses the hardest hit.

 

By the beginning of August, roughly 400 firms had reported their consolidated financial statements for the second quarter and half year. Over 70 companies incurred losses, data from VNDirect Securities and website VnExpress showed.

 

PetroVietnam Construction (PVX) led the misery with a heavy loss of VND366 billion (US$17.4 million) to the end of June.

 

The two maritime transport companies, Vitranschart (VST) and Viet Nam Ocean Shipping (VOS), followed the trend with first-half losses of VND146 billion ($7 million) and VND196 billion ($9.3 million), respectively.

 

After consolidating with its affiliates, VST reported a combined loss of VND145 billion. Some businesses which incurred huge losses last year, such as Kinh Bac City Development (KBC), food and beverage giant Thai Hoa Viet Nam Group (THV) and Song Da Urban & Industrial Zone Investment & Development (SJS), are also yet to publish second-quarter reports.

 

Among companies with charter capital ranging from VND100-300 billion ($4.8-14.3 million), the three heaviest casualties were all mining firms with each posting losses of over VND50 billion ($2.4 million).

 

Up to the end of June, Vinacomin Cao Son Coal (TCS) suffered a loss of VND73.2 billion ($3.5 million); Vinacomin Coc Sau Coal (TC6) VND54 billion ($2.6 million); and Vinacomin Deo Nai Coal (TDN), VND45.7 billion ($2.2 million).

 

According to these companies, the poor results were mainly due to low coal consumption during the second quarter.

 

Phan Dung Khanh, head of analysis at MayBank Kim Eng Securities Co, agreed with this assessment, saying many manufacturing companies had to scale down production which had a knock-on effect on energy demand.

 

“Demand for energy has reduced on the back of economic difficulties. Not just medium-sized mining companies suffered, large ones were also hit,” Khanh told VnExpress.

 

Khanh added that increases in fuel and power prices also pushed input costs higher, further weighing on the production and sales activities of most companies.

 

Among the outfits with charter capital between VND20-50 billion ($952,000-2.4 million), 15 reported losses, Vinaconex Transportation (VCV) leading the way with a deficit of more than VND25 billion ($1.2 million) from January-June.

 

Among businesses with charter capital below VND20 billion, 14 firms were in the red.

 

In contrast, only eight of nearly 100 companies with charter capital worth over VND300 billion announced losses.

 

Khanh predicted the number of decaying companies would reduce in future, adding that business conditions would improve from next year onwards.