Friday , June 21 2024

Fast ferry firm Superdong triples its profit in Q1

Superdong, which operates fast ferries to tourist islands, tripled its first-quarter profits year-by-year to VND33 billion (US$1.4 million).

Superdong Fast Ferry Kien Giang JSC (SKG), as it is formally known, reported revenues of nearly VND120 billion, a 40% increase.

Its management said the overall number of passengers rose by 30% as many routes saw high growth, including 450% for Soc Trang – Con Dao and 85% for Phan Thiet – Phu Quy.

Costs increased but at a slower pace than a year earlier, and so the gross profit margin improved.

Sales cost and general & administrative expenses rose by about 26%. But since it is a debt-free company, it incurred no financial costs.

The sale of ferries fetched a one-time income of VND5.5 billion.

The company said it has achieved 46% of its full-year profit target already.

The company plans to upgrade four ferries to use on the Rach Gia – Phu Quoc, Ha Tien – Phu Quoc and Rach Gia – Nam Du routes and buy three new vessels for the HCMC – Vung Tau, Phu Quoc – Nam Du and Rach Gia – Hon Nghe routes.

It is also assessing the possibility of starting new services in Kien Giang and other provinces and cities.

With Phu Quoc, Con Dao and Phu Quy islands being far from the mainland, and with their infrastructure improving, tourists have preferred going there by flight.

But this year, during the long April 30 – May 1 holiday break, this trend has diminished due to exorbitant airfares.

At the start of April a return ticket between Hanoi and Phu Quoc during the national holidays cost VND6-10 million. HCMC-Phu Quoc tickets cost VND3.5-4 million.

With their fares costing just a 10th or even 20th, all fast ferry tickets from Rach Gia and Ha Tien to Phu Quoc sold out at the beginning of April.

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