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Many businesses make fat profits thanks to policies, business advantages
While the majority of businesses have bogged down in big difficulties in the economic downturn, a lot of businesses have been thriving thanks to their professional advantages and the impacts of the state’s policies.
In difficulties, businesses still can earn fat profits
A lot of companies listing their shares on the bourse have reported big profits for the first months of the year. DPM, a fertilizer and chemicals corporation, for example, has reported the net turnover of 2613 billion dong in the first quarter, an increase of 71.5 percent in comparison with the same period of the last year, and the accumulative profit reaching 1145 billion dong.
Especially, the post tax profit was very high at 961.26 billion dong, fulfilling 52 percent of the yearly plan and increasing by 70 percent in comparison with the same period of the last year.
The company’s finance report showed that the company did not have to pay for loan interests, because the company nearly did not borrow money from banks.
Vinamilk, a dairy product manufacturer, reportedly had the turnover reaching 5876 billion dong, an increase of 30 percent over the same period of the last year, the gross profits reaching 1800 billion dong, and the post tax profit of 1270 billion dong. Explaining the high profit, a representative of the dairy company said the financial cost in the first quarter decreased thanks to the returning of the provisions against financial investments.
Commercial banks have also reported impressive profits. Vietinbank, for example, had the post tax profit of 1,394.63 billion dong in Q1, up by 60 percent over the same period of the last year.
The bank has also said it made fat profits because the provisions against credit risks decreased sharply by 100 percent.
Eximbank has reported the post tax profit of 751.53 billion dong, up by 17.43 percent in comparison with the same period of the last year. Especially, Sacombank has reported the profit up by 70 percent (1 trillion dong in pretax profit).
Policies, peculiarities bring money
Analysts have pointed out that the current policies and the advantages in some certain business fields have helped the enterprises prosper in difficulties.
DPM, for example, is controlling 70 percent of the market share. As DPM nearly can enjoy the monopoly, it can control the sale prices. At the latest shareholders’ meeting, answering the questions of shareholders, DPM’s managers said that the sale prices defined by the company, not by the government.
As the fertilizer prices are defined based on the supply and demand, without the intervention of the government, farmers always feel anxious about the fertilizer price fluctuations when crops begin.
Regarding the banks’ profit, a banker said that banks seem to be reluctant to report big profits in these circumstances, when the national economy is facing big difficulties.
Meanwhile, Le Xuan Nghia, a well-known economist, has noted that the banks’ business performance has been “influenced by the current situation”. Businesses have complained that while commercial banks have slashed the deposit interest rates as per request by the State Bank, they have not eased the lending interest rates. As a result, borrowers still have to bear sky high interest rates.
Dr Le Dang Doanh, also a well-known economist, said that the fat profits earned by many enterprises partially because of the policies beneficial the enterprises in some certain business fields.
Sharing the same view, Dr Le Dat Chi from the HCM City Economics University, also said that the satisfactory profits of general corporations or banks in Q1 does not mean that the national economy has become well off, because the profits partially came from the opportunities brought by the advantages of the business fields.
vietnamnet
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