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Vietjet reports profit, Vietnam Airlines sees losses drop

Vietnam’s aviation industry has seen positive changes in domestic transport.

Vietjet Air reported revenue in Q3/2022 reaching VND11.6 trillion, up by VND2.654 trillion year on year thanks to the recovery of domestic and international transportation. 

The carrier had accumulated revenue of VND27.535 trillion in January-September 2022, compared to VND10.21 trillion of the same period last year.

However, as cost prices were still high, accumulated profit from sales and service provided in Q3 fell from VND559 billion of the same period last year to VND364 billion. As such, accumulated profit of this period reached VND1.676 trillion.

Because of high financial costs, sale and business management costs were high, Vietjet made a modest net profit of VND55 billion in Q3, and took a loss of VND137 billion in the period.

The post-tax profit of Q3 was VND42.5 billion and accumulated profit in the period reached VND187.5 billion (thanks to profits from other sources of up to VND445 billion).

Vietjet’s business results showed an impressive recovery of the aviation industry in Q3/2022. However, if considering business performance in the period, the air carrier lowered losses compared with the pandemic-hit years of 2020 and 2021.

According to Vietjet, the major reason is the increased air fuel price, $130 per barrel on average, compared with the $80 per barrel in 2019. Vietjet has run many sales promotion programs, especially for international air routes.

Vietnam Airlines also reported a sharp rise in revenue in Q3/2022 of 4-5 times compared with Q3/2021 to VND21.267 trillion. The accumulated revenue in nine months soared from VND18.88 trillion to VND51.387 trillion.

The carrier suffered one more quarter of loss, but the loss was lower than the same period last year - VND2.547 trillion vs VND3.531 trillion. In January-September, it incurred a loss of VND7.784 trillion, compared to VND12.154 trillion in the same period of 2021. 

Vietnam Airlines share faces the risk of compulsory delisting if it takes a loss for three consecutive years (it took a loss of VND11 trillion in 2020 and VND13 trillion in 2021). By the end of Q3/2022, Vietnam Airlines’ stockholder equity was minus VND7.511 trillion.

Meanwhile, Bamboo Airways reported VND3.5 trillion losses for the January-September/2022 period.

Duy Anh

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