Hanoi Metro's semi-annual financial report shows revenue reached over 393.2 billion VND, a 50% increase compared to the first six months of 2024. The report doesn't detail ticket sales versus government subsidies.
After deducting the cost of goods sold, Hanoi Metro's gross profit was over 2.1 billion VND, down nearly 28% year-on-year.
Meanwhile, financial income increased by 265% to over 23.6 billion VND, entirely from bank interest on savings of over 1,203 billion VND.
The company remains debt-free, eliminating financial expenses. There are no sales expenses. The only operating expense is management costs, which rose nearly 74% to over 13.2 billion VND, over half of which is for management personnel.
Overall, Hanoi Metro's after-tax profit reached nearly 10 billion VND, three times higher than the first half of 2024. This profit surpasses four times the profit of 2022 and approaches the total profit for 2023.
Hanoi Metro, owned by the Hanoi People's Committee (UBND), operates the Cat Linh - Ha Dong and Nhon - Hanoi Railway Station metro lines. Fares for both lines are similar, starting at 8,000 VND per ride and reaching 12,000-15,000 VND for the entire route. A day pass costs 24,000-30,000 VND, while monthly passes are 200,000 VND for regular passengers and 100,000 VND for students and industrial park workers.
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A train on the Nhon - Hanoi Railway Station elevated railway line during its inauguration in 8/2024. Photo: Giang Huy |
A train on the Nhon - Hanoi Railway Station elevated railway line during its inauguration in 8/2024. Photo: Giang Huy
This year, Hanoi Metro's target is to transport over 19.3 million passengers, generating over 878.4 billion VND in revenue and an after-tax profit of over 20.7 billion VND. The company plans to contribute over 16.4 billion VND to the state budget. After six months, it has achieved nearly 45% of its revenue target and over 48% of its profit target.
Key tasks this year include implementing key performance indicators (KPIs) and a company-wide quality management system. Hanoi Metro is also exploring solutions to enhance passenger experience, increase revenue, and reduce government subsidies.
Hanoi's urban railway plan envisions 10 lines totaling 417 km by 2030. Beyond the two existing lines, construction on the remaining eight hasn't begun. In mid-July, the Hanoi UBND urged relevant agencies to expedite work to start construction on Line 2 (Nam Thang Long - Tran Hung Dao) in October and Line 5 (Van Cao - Hoa Lac) in December.
Tat Dat
