Leading taxi firm posts first ever annual loss
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Vinasun, Vietnam’s second-largest taxi firm, reported its first-ever accumulated loss of VND211 billion ($9.15 million) last year.
The figure far exceeded the firm’s earlier loss forecast for 2020 at VND115 billion. Vinasun leaders have blamed the loss on the long-lasting impacts of the Covid-19 pandemic.
The company has already laid off over 1,300 employees and taken other earlier measures to reduce operating costs.
Vietnam’s second-largest taxi firm after the Mai Linh Group, Vinasun reported that its revenues plunged 49 percent year-on-year to VND1 trillion last year.
The company leadership had said at an annual general meeting in June that 2020 was the most challenging year for the company since its establishment.
The company shut down most of its operations in April last year when the country began a social distancing campaign to curb the spread of the novel coronavirus.
As of December 31, it had total assets of over VND2.05 trillion.
Questions & Answers
Q.What was Vinasun’s total accumulated loss last year, and how did it compare to their forecast?
What was Vinasun’s total accumulated loss last year, and how did it compare to their forecast?
Vinasun reported an accumulated loss of VND211 billion ($9.15 million) last year. This figure significantly exceeded the firm’s earlier loss forecast for 2020, which was VND115 billion.
Q.What measures did Vinasun take to address the challenging financial situation last year?
What measures did Vinasun take to address the challenging financial situation last year?
To reduce operating costs, Vinasun laid off over 1,300 employees and took other measures. The company also shut down most operations in April last year due to social distancing.
Q.How much did Vinasun’s revenues fall last year, and what was their total revenue figure?
How much did Vinasun’s revenues fall last year, and what was their total revenue figure?
Vinasun’s revenues plunged by 49 percent year-on-year last year. Their total revenue for the year was VND1 trillion.
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