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Under the background of the negative development of the domestic automobile market, the business situation of Haxaco also dropped significantly in the first three months of this year.
According to the comprehensive financial report, the sales of the largest authorized Mercedes dealer in Vietnam decreased by more than 40% compared with the same period in 2022, and the pre-tax profit of Haxaco was about 992 billion VND, which was 12 times lower than that in the quarter of I/2022.
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The representative said that the automobile market in the first three months of this year was affected by both economic difficulties and high-interest rates. It has led to a decline in automobile consumption demand in the high-end market. Domestic automakers have begun to notice that since the fourth quarter of last year, the demand on cars has declined due to rising interest rates and consumers tightening spending.
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At last week's shareholders' meeting, Mr.Dung, the Chairman, also admitted that the sales in the first quarter were at a record low, and they only sold some cars for several months. He said that the company is still profitable, but it mainly comes from the service workshop. Since it is difficult to sell cars when they enter the market, Haxaco will try to minimize the inventory.
The person in charge of the car dealer predicted that the fourth quarter was still challenging. Therefore, Haxaco also set the goal of reducing the debt balance to less than 500 billion VND and reducing the cost of bank interest payments. In the first quarter, the company's debt was less than 700 billion VND.
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However, for the whole year of this year, Haxaco still set the pre-tax profit target at 31 billion VND, which is equivalent to last year's record. Mr. Yong explained that it is not because of the challenging market that the plan is low-key, just like employees who don't want to "throw in the towel without playing". In addition, Haxaco also expects to have 6 square feet of land. HCM City's 2,000 square meters will be profitable this year. The company plans to build Mercedes dealers, buildings, offices, and high-end apartments. Haxaco also plans to transfer the whole project when it reaches the expected value.
See more:
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In Vietnam, 1,200 new cars added to street everyday
Exports hit by weakening global demand, hindering economic recovery
According to the comprehensive financial report, the sales of the largest authorized Mercedes dealer in Vietnam decreased by more than 40% compared with the same period in 2022, and the pre-tax profit of Haxaco was about 992 billion VND, which was 12 times lower than that in the quarter of I/2022.
The representative said that the automobile market in the first three months of this year was affected by both economic difficulties and high-interest rates. It has led to a decline in automobile consumption demand in the high-end market. Domestic automakers have begun to notice that since the fourth quarter of last year, the demand on cars has declined due to rising interest rates and consumers tightening spending.
At last week's shareholders' meeting, Mr.Dung, the Chairman, also admitted that the sales in the first quarter were at a record low, and they only sold some cars for several months. He said that the company is still profitable, but it mainly comes from the service workshop. Since it is difficult to sell cars when they enter the market, Haxaco will try to minimize the inventory.The person in charge of the car dealer predicted that the fourth quarter was still challenging. Therefore, Haxaco also set the goal of reducing the debt balance to less than 500 billion VND and reducing the cost of bank interest payments. In the first quarter, the company's debt was less than 700 billion VND.
However, for the whole year of this year, Haxaco still set the pre-tax profit target at 31 billion VND, which is equivalent to last year's record. Mr. Yong explained that it is not because of the challenging market that the plan is low-key, just like employees who don't want to "throw in the towel without playing". In addition, Haxaco also expects to have 6 square feet of land. HCM City's 2,000 square meters will be profitable this year. The company plans to build Mercedes dealers, buildings, offices, and high-end apartments. Haxaco also plans to transfer the whole project when it reaches the expected value.
See more:
The first electric taxi in Vietnam has been launched
In Vietnam, 1,200 new cars added to street everyday
Exports hit by weakening global demand, hindering economic recovery
