Cat Ba cable car investor posts USD33,000 losses a day

Cat Ba Sun Limited Company, the investor of the world’s longest sea-crossing cable car on Cat Ba Island in the northern city of Haiphong, reported post-tax losses of VND284.50 billion (USD12.04 million) last year.

Cat Ba Sun Limited Company, the investor of the world’s longest sea-crossing cable car on Cat Ba Island in the northern city of Haiphong, reported post-tax losses of VND284.50 billion (USD12.04 million) last year.

On average, the company last year recorded a daily loss of over VND779 million (USD32,958), a slight decrease from VND846 million of the previous year, according to data from Hanoi Stock Exchange.

Cat Ba Sun, a member of Vietnam’s real estate giant Sun Group, currently operates the world's longest sea-crossing cable car project with a total length of nearly 23 kilometres, including a three-rope cable car connecting Cat Hai Island and Phu Long Commune on Cat Ba Island, and a one-rope route from Cat Hai Island to Cai Gia tourism area.

The Cat Hai-Phu Long cable car link has already been put into operation.

Cat Ba Sun has a charter capital of VND1.15 trillion.

As of last year, its total assets were VND2.91 trillion, up 6.3 percent compared to the previous year.

Cat Ba Archipelago, adjacent to World Heritage Site Ha Long Bay, has 367 islands, of which Cat Ba is the largest.

The island is surrounded by limestone karst mountains rising from turquoise waters that make it an ideal destination for cruise tours.