Vietnam Airlines Group has revised down the projected consolidated revenue for 2019 from $4.8 billion as set in the shareholders’ annual general meeting in May to $4.5 billion.
According to the newly released resolution of the airline’s Board of Directors on business plan adjustment for 2019, the projected revenue of the parent company Vietnam Airlines was also cut from over 82.5 billion VND to more than 78.3 billion VND.
The projected number of passengers flying with the carrier was lowered from 24.9 million to 23.4 million while the volume of cargo it expects to transport this year was reduced by 16,000 tonnes to 357,000 tonnes.
The State-owned group, which includes Vietnam Airlines, Jetstar Pacific and VASCO, earned nearly 52 trillion VND (2.24 billion USD) in consolidated revenue in the first half of this year, marking a year-on-year increase of 5.5 percent.
The group’s consolidated profit for the first half reached 6.45 trillion VND and pre-tax profit nearly 1.79 trillion VND, down 3.5 percent and 3.7 percent year-on-year, respectively.
Over the course of six months, Vietnam Airlines safely flew over 13.9 million passengers, a 2-percent increase from 2018, and over 180,000 tonnes of cargo, up 1.6 percent year-on-year, on 73,650 flights. Its on-time performance (OTP), averaging at 90 percent, remained among the highest globally. Demand-responsive load factor led to significant fuel saving and higher seat utilisation of 80.3 percent.
Having boosted its charter capital to more than 14.18 trillion VND, Vietnam Airlines had its own shares (HVN) officially listed on the Ho Chi Minh Stock Exchange (HOSE) on May 7, 2019.
In the second half of the year, Vietnam Airlines plans to push for organisational restructuring, take delivery and operate the first three wide-body Boeing 787-10, out of its order of eight aircraft, and finalise the investment plan of 50 narrow-body aircraft for the 2021-25 period.
The firm said it would continue to improve customer experience by offering onboard Wi-Fi services, introducing a brand-new Business class menu and rigorously replacing environmentally-unfriendly supplies onboard.
Vietnam Airlines and the US’s Delta Air Lines have signed a code sharing agreement in Atlanta, expanding their operation from October this year.
Vietnam Airlines is planning to launch in-flight wifi service on four aircraft this year, CEO Duong Tri Thanh said on the sidelines of the Vietnam ICT Summit 2019 in Hanoi on August 9.