Sea freight and ship rental rates fell sharply, Hai An (HAH) reported a 40% decrease in Q1 net profit compared to the same period last year.

Hai An reported that Q1 profit after tax decreased by 52% y/y to VND 126 billion, of which net profit dropped 40% to VND 119 billion.

Hai An Transport and Handling Joint Stock Company (Stock code: HAH) has announced its financial statements for the first quarter of 2023, recording net revenue almost flat at VND 655 billion. In the revenue structure, revenue from ship exploitation recorded more than 658 billion VND, revenue from port operation was more than 65 billion VND and other revenue was nearly 122 billion VND. In addition, the enterprise recorded a negative internal exclusion of nearly 190 billion dong.

Cost of goods sold nearly doubled, causing gross profit to be eroded, down 43% to 192 billion dong, profit margin narrowed to only 29%.

Financial revenue recorded 5 billion, while financial expenses doubled to 21 billion. In addition, administrative expenses increased by 27% to VND 30 billion. As a result, Hai An reported Q1 profit after tax decreased by 52% y/y to VND 126 billion, of which net profit dropped 40% to VND 119 billion.

According to the explanation from the company, the Company’s NPAT decreased sharply due to the decrease in output and revenue from port operations due to the upgrading and repair of the yard. Currently, the number of ships of Hai An is 11 ships while in the previous period only 9 ships; However, fishing output decreased, sea freight and chartering rates both fell sharply while costs increased, causing a sharp drop in operating profit.

As of March 31, 2023, total assets of HAH reached VND 4,964 billion, a slight decrease of nearly 2% compared to the beginning of the year, of which nearly VND 378 billion and cash equivalents, plus more than 120 billion in bank deposits. less than 12 months. In addition, Hai An currently has an investment in two affiliated companies, Hai An Freight Forwarding (original price is nearly 1.5 billion, the current value is more than 32 billion) and An Bien Shipping (original price is 85 billion VND). , the current value is 92 billion dong). The rest, mainly the company’s assets are in long-term fixed assets with more than 2,673 billion dong.

Liabilities at the end of the first quarter decreased by more than 212 billion dong compared to the beginning of the year, to 1,950 billion dong, of which total debt was nearly 1,280 billion dong with more than 940 billion dong being long-term debt. Equity reached VND 3,014 billion with more than VND 1,104 billion of accumulated undistributed profit.

Phuong Linh/Market Lifestyle