Shipper forecasts profit to fall 54 percent this year

Vietnam Sea Transport & Chartering Joint Stock Co. expects profit after tax to fall 54 percent to VND87.6 billion (US$4.9 million) this year on lower transport fees.

Sales may decline 27 percent to VND1.6 trillion, according to data provided by company spokeswoman Doan Thi Thu Hoa.

“The global economic crisis has seriously affected our business as sea transport fees were already slashed by half after peaking in 2008 due to waning trading activities,” she said by phone from Ho Chi Minh City.

The company, also known as Vitranschart, plans to sell bonds this year to finance part of the purchase of a 28,000 dead-weight-ton ship, expected to cost $20 million, she said, declining to give further details on the bond sale.

thanhnien, bloomberg

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