Hang Xanh Motors Service Joint Stock Company, a major Mercedes-Benz car dealer, reported pre-tax profits of more than VND240 billion (US$10 million) in the first nine months, exceeding its full-year target.
Consolidated revenues were up 50 percent year-on-year at VND5.17 trillion. In the third quarter they rose 2.7 times to VND2 trillion ($83.1 million).
Haxaco’s short-term debts increased by more than 60% to VND563 billion, while long-term debts, mainly in the form of convertible bonds, were around VND180 billion.
Vietnam has three authorized Mercedes-Benz dealers, Andu and Vietnam Star being the others, and Haxaco has the largest market share.
It has five sales agents in Ho Chi Minh City, Hanoi and Can Tho.