Friday , March 24 2023

Fuel supplier Nam Song Hau reports first losses in 6 years

Nam Song Hau, a gasoline and diesel wholesale distribution company, has reported after-tax losses of nearly VND200 billion ($8.47 million) for last year.

It blamed the losses mainly on the poor performance in the second quarter when fuel prices fluctuated dramatically.

Its revenues were up 28% to VND7.4 trillion ($313.56 million) but were only half the targeted sum.

Its gross profits fell by two-thirds even as selling and interest expenses skyrocketed.

The major supply of fuels in the Mekong Delta had been consistently profitable between 2017 and 2021.

On the Ho Chi Minh Stock Exchange, the company’s shares closed at VND5,400 ($0.23) Wednesday after losing 3%. The shares of many other petroleum firms, including PLX, OIL, PVT, and POW, also fell.

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