Construction giant Song Da profit plunges to below $1 million

Created 11 June 2019
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Song Da Corporation has reported pre-tax profits of VND22.3 billion ($995,000) in 2018, its first year after being equitized.

Construction giant Song Da profit plunges to below $1 million

A report submitted to the Ministry of Construction by the company said the main reason for the record low profit was that output was below target.

The company also added that it had to make provisions of VND239 trillion ($10.24 million) related to activities it undertook when it equitizing in April 2018, which affected profits.

The report recently shows revenues were worth VND2.19 trillion ($93.81 million) last year.

It has assets of VND15.65 trillion ($670.4 million) meaning return on assets was only 0.17 percent, the report said.

The company, run by the Ministry of Construction, is considered a big player in the construction industry.

Its main business line is building hydropower plants but also has interests in infrastructure, transport engineering, civil and industrial works, and production, import and export of construction materials.

 

Source: VNE

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