Phuoc An Port Petroleum Investment and Exploration Joint Stock Company (PAP, UPCoM: PAP) recently announced the appointment of Ms. Tran Thi Hien Luong as Deputy General Director, effective August 15.
This decision has drawn attention due to Ms. Luong’s young age, as she was born in 2002 and is the daughter of Board Member Tran Nhan Tam.
Mr. Tran Nhan Tam, born in 1971, holds a degree in Land Management Engineering. He was appointed to the PAP Board of Directors at the 2024 Annual General Meeting of Shareholders. Mr. Tam currently holds over 5.2 million PAP shares, representing a 2.6% stake in the company.
With her appointment, Ms. Luong will become the fifth member of the Phuoc An Port’s management team, joining General Director Truong Hoang Hai and Deputy General Directors Dao Minh Tung, Nguyen Huu Thang, and Le Dinh Nghiem.
In terms of business performance, Phuoc An Port continued to report a net loss of over 125 billion VND in the second quarter of 2025, the highest to date. The loss was attributed to insufficient revenue to cover cost of sales and financial expenses.
Specifically, revenue for the quarter stood at just over 19 billion VND, while cost of sales amounted to 75 billion VND and financial expenses totaled 61 billion VND.
For the first six months of the year, PAP recorded revenue of nearly 29 billion VND but incurred a loss of 248 billion VND. The cumulative loss as of the end of the second quarter of 2025 approximated 279 billion VND.
The PAP management set a target of nearly 450 billion VND in net loss for 2025, while aiming for a total annual revenue of 150 billion VND, of which only about 25% has been achieved so far.
As of June 30, 2025, Phuoc An Port’s total assets increased by 19.2% from the beginning of the year to 8,491 billion VND. This included 2,957.5 billion VND in long-term work-in-progress and 980.9 billion VND in short-term receivables.
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