Vinashin had incurred a loss of VND86 trillion as of November, 2010. Therefore, the news that SBIC obtained a profit of VND7.9 trillion as of the end of 2013 has raised questions.
SBIC general director Vu Anh Tuan on December 30, 2013 said that the company’s revenue was expected at VND5.7 trillion in 2013. So the VND7.9- trillion profit, which is higher than revenue, is an illogical figure.
Speaking to the Daily on Wednesday, Su confirmed that SBIC’s 2013 financial statement was not negative any more while loss was slashed by VND7.9 trillion. If financial restructuring had not been conducted, SBIC would have had to pay VND7.9 trillion worth of original debts and interest sums last year.
As announced by Minister of Transport Dinh La Thang on the website giaothongvantai.com.vn, SBIC reported over VND24.6 trillion worth of large debts borrowed from domestic credit institutions before the financial restructuring. It had foreign debts worth US$600 million and took over US$135 million worth of debts due to contract termination.
However, SBIC reduced nearly VND22 trillion of original debts and interest sums for three large loans after conducting financial restructuring, cutting 70% of domestic debts, 52% of financial obligations from the overseas debt of US$600 million, and VND2 trillion of debts caused by contract termination.
Last year, SBIC reduced VND7.9 trillion worth of original debts and interest sums, helping secure capital flow balance, Su said.
In 2014, SBIC targets to earn nearly VND7.6 trillion in revenue but there is no profit target.
Previously, the enterprise was asked to obtain around VND11 trillion in revenues to secure profit for debt payment. However, the Ministry of Transport said that the figure was unobtainable.