Vietnam Airlines earns $35 million after selling Cambodia Angkor Air

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VIETNAM, June 1 –

A Vietnam Airlines JSC plane. — Photo VNA

HÀ NỘI — Vietnam Airlines JSC (HoSE: HVN) announced on May 27 that it had completed the transfer of 35% of its shares in Cambodia Angkor Air (K6) to the receiver, pursuant to an agreement between the two parties to the transfer of shares. Contract.

After the transfer, K6 is no longer an affiliate of the flag carrier.

According to audited 2021 consolidated financial statements, on January 3 and March 29, 2022, the airline received US$30 million and US$4 million, respectively, from investors to buy out the company’s contributed capital from K6.

He had also received a deposit of $1 million in 2019. The total of $35 million corresponds to 35% of the shares of K6.

Although the money was only paid until 2022, due to the shareholding transfer in 2021, Vietnam Airlines’ report no longer registered K6 as a partner, and the income from financial activities has recorded a gain of over VNĐ647.7 billion in profit. the transfer of the contributed capital.

The revenue helped the carrier reduce its loss in 2021 and its equity is still above zero, escaping a write-off penalty.

Cambodia Angkor Air was established in 2009 under the cooperation of Vietnam Airlines and the Royal Government of Cambodia.

As part of the joint venture contract, Vietnam Airlines contributed 49% of the capital of Cambodia Angkor Air with a historical price of 868.5 billion VNĐ.

At the end of 2021, after selling 35% of the shares, the remaining 14% of K6 shares were transferred to the investment portfolio to provide capital to other entities at the historical price of 248 billion VNĐ.

Last year, K6’s business operations were heavily affected by the COVID-19 pandemic, like other airlines in the region and around the world.

To minimize losses, K6 has implemented solutions to restructure, reduce the scale of operations, maintain only a few main routes with minimum frequency to reduce costs, negotiate to delay payments and take advantage of every opportunity to increase l operation of charter and cargo flights. to supplement cash flow to maintain operations.

However, he had lost $17.7 million last year, a 37.2% increase from losses in 2020.

On the stock market, HVN fell 1.04% to trade at 18,950 VNĐ per share at 10:55 a.m. (local time) after gaining for four consecutive sessions. VNS

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