Haxaco (HCM City Services Automobile Joint Stock Company, stock code: HAX) has released its Q3/2025 financial report, revealing a decline in business performance.
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Specifically, the company’s net revenue for the quarter reached nearly VND 1.15 trillion, a 25% decrease compared to the same period last year. After deducting expenses, Haxaco recorded a post-tax loss of nearly VND 26 billion, in contrast to a profit of over VND 90 billion in the same quarter of the previous year. Notably, this marks the first quarter Haxaco has reported a loss since Q4/2021.
For the first nine months of 2025, Haxaco’s cumulative post-tax profit amounted to just over VND 1 billion, a staggering 99% decline.
Explaining the downturn, Haxaco cited significant market fluctuations in the automotive sector during Q3. The market saw widespread aggressive discount programs, not only in the luxury segment but also extending to the mainstream segment.
Haxaco’s performance declines in the first nine months of 2025
Additionally, competitors continuously launched new models with deep incentives to enhance competitiveness and attract customers. Operational costs also increased year-over-year due to the company’s expansion efforts.
“These factors have exerted significant pressure, narrowing profit margins and impacting the company’s earnings,” Haxaco explained.
Haxaco is Vietnam’s largest distributor of Mercedes-Benz vehicles. In addition to Mercedes-Benz, the company also distributes MG vehicles.
On the stock market, HAX shares closed the session on October 15 with a sharp decline of over 5%, falling to VND 11,050 per share. This represents a nearly 16% drop over the past month and a more than 30% decline since the beginning of 2025.
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