Vietjet posts jump in Q1 pre-tax profit

Vietjet flight crew and passengers aboard an A330 flight
(PHOTO: Vietjet)

Alsim-ALS-BannerAs the aviation and tourism industries has bounced back strongly, Vietjet said it started 2022 on a positive note. The company’s 1Q2022 financials show a jump of 113 percent in pre-tax profit YOY owing to the rapid recovery of passenger transport and the growing cargo business, which grew by 76 percent and 94 percent respectively in 1Q2022.

In the first quarter, Vietjet’s consolidated revenue reached VND4,522 billion (approx. US$197 million) while the after-tax profit was VND244 billion (approx. US$10.6 million), increasing by 12 percent and 98 percent YOY respectively. Air transport business revenue for Q1 was VND3,340 billion (approx. US$145 million), helping the after-tax profit of the parent company reach VND40 billion (approx. US$1.7 million).

Vietnam’s aviation and tourism sectors have fully reopened since late last year to meet the pent-up traveling demand. In 2022’s first three months, Vietjet resumed its entire domestic network and relaunched regular international services. It has operated a total of 20,000 flights with more than 3 million passengers onboard across 60 domestic and international routes. The airline’s total numbers of operated flights and transported passengers in 1Q2022 already passed 50 percent and 55 percent, respectively, of those in 2021, marking a milestone of strong recovery post Covid-19 pandemic. Regarding cargo transport, Vietjet has airlifted more than 12,500 tons of cargo volume in the first quarter of this year.

Vietjet has put its first two wide-body aircraft of A330 into operation and is expected to add the third one into its modern fleet in the coming time. Such were impressive performances by Vietjet as all airlines stayed focus on the domestic market since the beginning of the year.

The parent company reaches a revenue of VND9,065 billion (approx. US$394 million) with the audited post-tax profit increasing by 91 percent over the compiled financial statement due to gains in financial activities. Meanwhile, Vietjet’s consolidated revenue and after-tax profit in 2021 reached VND12,875 billion (approx. US$556 million) and VND80 billion (approx. US$3.47 million) respectively. Rising costs from deferred income taxes resulted in a lower consolidated after-tax profit than in the 2021 compiled statements. In 2021, Vietjet has operated nearly 42,000 flights across its network with more than 5.4 million passengers onboard. The airline has reported over 66,000 tons in cargo transport, achieving fast growth with cargo revenue in particular rocketing by over 200 percent YoY.

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