CAT LAI PORT REPORTS DROPPING REVENUE WHILE FACING OVERLOAD IN H1

According to its consolidated financial report for the second quarter of 2021, the net profit of Cat Lai Port JSC (HSX: CLL) decreased 22 per cent on-year to VND20 billion ($869,570).

In the second quarter, the company gained a net revenue of VND66.4 billion ($2.89 million) and after-tax profit of VND19 billion ($826,090), respectively down 18 and 29 per cent on-year. Gross margin was down 2 per cent to 40 per cent.

Seaport leasing services, merchandise sales services, and other services have made up a growing portion of its revenue. However, revenue from transportation services dropped sharply, and loading and unloading equipment rental service dropped slightly.

In the first six months, the company's net revenue reached VND145.8 billion ($6.34 million), after-tax profit reached VND41.3 billion ($1.8 million), respectively down 12 and 17 per cent over the same period last year.

In 2021, the company set a revenue target of VND358.3 billion ($15.6 million), with VND88.8 billion ($3.86 million) of after-tax profit. It has achieved 41 and 47 per cent of these targets in H1.

As of June 30, the company’s total assets reached VND717.3 billion (31.2 million), up 2 per cent on-year. Fixed assets accounted for 39 per cent with VND281.8 billion ($12.25 million), while short-term receivables made up 11 per cent with VND82 billion ($3.57 million) and long-term financial investment 12 per cent with VND88.3 billion ($3.84 million).

Cat Lai Port is currently experiencing severe overload after several companies were forced to suspend operations during the social distancing, leaving them unable to receive cargo. Many solutions have been proposed to deal with this situation such as transferring shipments to other seaports in Ho Chi Minh City and inland container depots.

Source: VIR