Taxi firm Vinasun revenue plunges 10 times
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Taxi firm Vinasun saw its revenue in the third quarter plunge 10 times to VND23 billion ($991,000) as the fourth Covid-19 wave wrecked the transport industry.
The company posted a loss of VND91 billion, its seventh losing quarter in a row, increasing the chances of being delisted from the Ho Chi Minh Stock Exchange (HoSE).
Months of strict social distancing in HCMC, where the company mostly operates, have caused revenue to plunge due to restrictions on public transport.
In the first nine months, revenue fell by nearly half year-on-year to VND400 billion. It subsequently recorded a loss of VND188 billion.
In the next 12 months, the company needs to pay nearly VND100 billion in loans.
Questions & Answers
Q.What was the company's revenue in the third quarter?
What was the company's revenue in the third quarter?
Vinasun's revenue in the third quarter was VND23 billion, which is approximately $991,000, due to the impact of the fourth Covid-19 wave.
Q.How much has the company lost in total during the first nine months of the year?
How much has the company lost in total during the first nine months of the year?
The company recorded a loss of VND188 billion in the first nine months, following a significant drop in revenue compared to the previous year.
Q.What is the primary reason for Vinasun's revenue decline?
What is the primary reason for Vinasun's revenue decline?
The main reason for the revenue decline is the fourth Covid-19 wave and months of strict social distancing in Ho Chi Minh City, which restricted public transport.
Q.What financial obligation does the company face in the near future?
What financial obligation does the company face in the near future?
In the next 12 months, Vinasun needs to pay nearly VND100 billion to service its outstanding loans.
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