State-run Vietnam Expressway Corporation (VEC) reported a 20-fold surge in post-tax profits to VND155 billion ($6.68 million) last year thanks to financial income.
Its revenues were down by 11 percent to VND3.26 trillion while the cost of goods sold rose by 11 percent to VND1.1 trillion, resulting in a 19-percent drop in gross profits.
But post-tax profits were skyrocketing on financial income of around VND3.7 trillion, with foreign exchange gains accounting for 85 percent.
As of the end of 2021, VEC’s total assets were worth VND92.4 trillion, a slight year-on-year increase.
Its accumulated debt was VND80.86 trillion, mostly composed of long-term loans, accounting for 87 percent of the corporation’s capital structure by the end of last year.
VEC’s three biggest creditors were Asian Development Bank, which it owed VND3 trillion; Japan International Cooperation Agency (JICA), VND27.3 trillion; and World Bank, VND6.1 trillion.
Its financing costs were doubled to VND5.77 trillion, most of which served to finance high-speed expressway projects like the $1.5-billion Noi Bai – Lao Cai Expressway, or the $930-million Long Thanh – Dau Giay Expressway, with payment periods ranging between 16 to 40 years.
It eyes post-tax profits of VND418 billion on revenues of VND4 trillion this year, with total investment of VND2.2 trillion.
In the first quarter this year, VEC’s revenues fell by 5.3 percent year-on-year due to a 0.9-percent drop in traffic volume on its expressways.
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