Vietjet announces profits, Vietnam Airlines sees losses fall

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Vietjet Air recorded revenue in the third quarter of 2022 reaching VND 11.6 trillion, up VND 2.654 trillion year-on-year on the back of the resumption of domestic and international transport.

The carrier racked up revenue of VND27.535 trillion in January-September 2022, up from VND10.21 trillion in the same period last year.

However, as cost prices were still high, the cumulative profit from sales and services provided in the third quarter fell from VND559 billion in the same period last year to VND364 billion. As such, the cumulative profit for this period reached VND 1,676 billion.

Due to high financial costs, high sales and business management costs, Vietjet made a modest net profit of VND 55 billion in the third quarter and suffered a loss of VND 137 billion during the period.

The profit after tax for the third quarter was VND42.5 billion and the cumulative profit during 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 in the aviation industry in the third quarter of 2022. However, looking at business performance during the period, the airline has reduced its losses compared to the years affected by the crisis. pandemic of 2020 and 2021.

According to Vietjet, the main reason is the increase in the price of airline fuel, which averaged $130 per barrel compared to $80 per barrel in 2019. Vietjet has implemented many sales promotion programs, especially for airline routes. international.

Vietnam Airlines also reported a strong revenue increase in Q3/2022 by 4-5 times compared to Q3/2021 to VND 21.267 trillion. Cumulative revenue in nine months increased from VND18.88 trillion to VND51.387 trillion.

The carrier suffered an additional loss quarter, but the loss was lower than the same period last year – 2.547 trillion VND compared to 3.531 trillion VND. In January-September, it suffered a loss of VND 7.784 trillion compared to VND 12.154 trillion in the same period of 2021.

Vietnam Airlines stock is at risk of mandatory delisting if it suffers a loss for three consecutive years (it suffered a loss of VND 11 trillion in 2020 and VND 13 trillion in 2021). At the end of the third quarter of 2022, Vietnam Airlines’ shareholders’ equity was minus VND 7.511 trillion.

Meanwhile, Bamboo Airways reported losses of VND 3.5 trillion for the period January-September/2022.

Duy Anh

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