Ocean Group loses $60.5 million in 2014
Ocean Group loses $60.5 million in 2014
Ocean Group Joint Stock Company (OGC) reported a loss of VND1.319 trillion (US$60.5 million) in revenue in 2014 last Saturday when its annual shareholders' general meeting failed to convene.
The OGC reported earnings of VND3.896 trillion ($178.1 million) in 2014. It also lost its after-tax profit of VND1.37 billion ($62,844).
Ocean Bank, one of its subsidiaries, was acquired by the State Bank of Viet Nam earlier in May for zero dong, while the OGC lost VND971 billion ($45 million) in profit, which was generated by Ocean Bank last year.
Although the group transferred its supermarket chain Oceanmart for VND720 billion ($33 million) in 2014, the commercial retail section still lost VND376 billion ($17.2 million). In addition, the group's hotel and service section lost VND185 billion ($8.4 million).
Despite the loss, the group still planned to acquire revenue of VND2.339 trillion ($107.2 million), with profit before tax of VND595.5 billion ($27.3 million) this year.
Until 2014, the group's total assets for the previous year were valued at VND11.9 trillion ($553 million), and its pre-tax profit was VND517.6 billion ($24 million).
Yesterday, OGC shares ended up 0.1 point at VND3,000 (13 cents) each on the HCM City Stock Exchange.
