The high-speed train company to Phu Quoc is at a loss

According to the recently released financial report, Superdong Kien Giang High Speed ​​​​Train Joint Stock Company (SKG) has revenue of about 81.6 billion VND, down nearly 11% compared to the third quarter of 2023. The board of directors said that due to the impact of extreme weather and prolonged storms, the company had to reduce the number of trips by 15% over the same period. The Kien Giang area alone had to stop for 15 days, leading to a serious decline in passenger numbers.

Meanwhile, costs increased. Cost price increased slightly by 0.7%, causing gross profit to drop by more than half to around 9 billion VND.

Financial revenue also decreased by 63% to 2.1 billion due to less deposit interest and exchange rate difference interest. The company still has to bear tens of billions of dong in fixed costs such as employees, management, agent commissions…

In total, Superdong Kien Giang had an after-tax loss of more than 3.1 billion VND, while the third quarter of last year had a profit of about 7.8 billion VND. This is also the company’s loss-making period after the first two quarters of the year recording positive profits.

Accumulated for 9 months, SKG recorded more than 315 billion VND in revenue and profit of about 44.5 billion VND. While revenue only decreased by more than 7%, profit decreased by nearly 42% compared to the same period last year. The company has completed nearly three-quarters of its revenue plan and is about 39% away from its full-year profit target.

Superdong Kien Giang is an enterprise that operates 16 high-speed boats and two ferries transporting passengers, vehicles, and goods from the mainland to Phu Quoc, Nam Du, Con Dao and Phu Quy. This is one of the shipping companies that holds a large market share in sea transport to islands famous for tourism.

Recently, the company focused on upgrading the fleet on the routes Rach Gia – Phu Quoc, Ha Tien – Phu Quoc, Rach Gia – Nam Du. This year, Superdong wants to research new routes after opening the Ho Chi Minh City – Vung Tau route. One of their key strategies is to apply more competitive prices and launch many promotions.

Over the past year, the Kien Giang area, including the route to the “pearl island”, has always become a burden on Superdong’s business activities. This shipping company has repeatedly stated that profits are affected due to the decline in Phu Quoc tourism due to many reasons from the weather to price gouging, leading to tourists changing destinations to more expensive places. lower. Last year alone, the revenue of the two routes Ha Tien – Phu Quoc and Rach Gia – Phu Quoc decreased by 25% and 14% respectively compared to 2022.

After many meetings to discuss and coordinate between many parties, service prices in Phu Quoc have recently been assessed to have stabilized. During recent major holidays, high-speed shipping companies were able to benefit when air ticket prices increased, causing tourists to prioritize sea transportation.