Mercedes’s largest dealer hits full-year profit target
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Hang Xanh Motors Service Joint Stock Company, a major Mercedes-Benz car dealer, reported pre-tax profits of more than VND240 billion (US$10 million) in the first nine months, exceeding its full-year target.
Consolidated revenues were up 50 percent year-on-year at VND5.17 trillion. In the third quarter they rose 2.7 times to VND2 trillion ($83.1 million).
Haxaco’s short-term debts increased by more than 60% to VND563 billion, while long-term debts, mainly in the form of convertible bonds, were around VND180 billion.
Vietnam has three authorized Mercedes-Benz dealers, Andu and Vietnam Star being the others, and Haxaco has the largest market share.
It has five sales agents in Ho Chi Minh City, Hanoi and Can Tho.
Questions & Answers
Q.What were Haxaco's total revenues for the first nine months of the year?
What were Haxaco's total revenues for the first nine months of the year?
Consolidated revenues for Haxaco in the first nine months reached VND5.17 trillion, representing a 50 percent increase compared to the previous year. Their third-quarter revenues alone rose to VND2 trillion.
Q.How did Haxaco's debt levels change over the period?
How did Haxaco's debt levels change over the period?
Haxaco's short-term debts grew by over 60% to VND563 billion. Their long-term debts, primarily consisting of convertible bonds, remained around VND180 billion.
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