Taxi company back in the black after four years
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Taxi firm Mai Linh Group reported its first profit of VND1 billion ($42,600) after four years in 2022.
Its revenues surged by 57% to VND1.65 trillion on recovering demand for transportation after two years of Covid-19.
It posted a loss of over VND270 billion in 2021.
The company has overcome its most difficult period and is recovering, but its figures show that more work remains to be done, its chairman, Ho Huy, said in a letter to partners earlier this year.
“We have not made as much profit as expected.”
He added that the goal is to see every unit making profits this year.
The company’s debt-equity ratio is a ridiculous 43. Anything in excess of two is considered risky.
Questions & Answers
Q.How much profit did Mai Linh Group make in 2022, and how does this compare to the previous year?
How much profit did Mai Linh Group make in 2022, and how does this compare to the previous year?
Mai Linh Group reported a profit of VND1 billion ($42,600) in 2022. This is a significant improvement from 2021, when the company posted a loss of over VND270 billion.
Q.What was the main reason for the increase in Mai Linh Group's revenues in 2022?
What was the main reason for the increase in Mai Linh Group's revenues in 2022?
The main reason for the 57% surge in revenues to VND1.65 trillion was the recovering demand for transportation. This recovery followed two years impacted by the Covid-19 pandemic.
Q.What is the current state of Mai Linh Group's debt-equity ratio, and what does this signify?
What is the current state of Mai Linh Group's debt-equity ratio, and what does this signify?
The company's debt-equity ratio currently stands at 43. This figure is considered very risky, as anything in excess of two is generally seen as problematic.
Q.What is the chairman's outlook for the company's performance in the current year?
What is the chairman's outlook for the company's performance in the current year?
The chairman, Ho Huy, stated that while the company has overcome its most difficult period, more work is needed as profits were not as high as expected. The goal for this year is to have every unit making a profit.
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