Vietjet Air posts record profit at US$64.9 million in first quarter
Vietjet Air`s revenue and pre-tax profit in the first quarter stood at VND12.5 trillion (US$548.1 million) and VND1.48 trillion (US$64.9 million), equivalent to 2.5 times and 3.5 times higher quarter on quarter, respectively.
Notably, the budget airline's revenue from passenger transport is estimated at VND6 trillion (US$263.1 million), up 52%, said the airline's quarterly consolidated financial statement.
Vietjet Air posts record profit at US$64.9 million in first quarter.
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Vietjet's equity as at the end of March stood at VND11.5 trillion (US$504.2 million), up 8.7% compared to the year beginning. The airline's total debt payable is posted at VND20.8 trillion (US$912 million), down nearly 1%.
The airline currently controls almost half of Vietnam's domestic airline market, according to Vietnam Civil Aviation Administration, is considering to list its shares on an overseas stock exchange, its founder and CEO Nguyen Thi Phuong Thao mentioned during its shareholders` meeting on April 26.
Thao said Vietjet has been receiving attention from some foreign stock exchanges including London, Hong Kong, Taiwan and Singapore. At present, the company, she said, is working on challenges related to listing overseas such as time zone differences and legal issues.
The plan for the VND41 trillion (US$1.8 billion) low-cost carrier comes amid the government's easing of rules to allow more foreign investment in one of the fastest-growing aviation markets.
Hanoi-based Vietjet received shareholder approval in April last year to boost its foreign ownership limit to 49% from 30%.
Vietnam currently has four airlines, including national carrier Vietnam Airlines, budget operator Jetstar Pacific Airlines (partly owned by Vietnam Airlines), budget carrier Vietjet Aviation, and Vietnam Air Services (VASCO).
In 2010-2016, the Vietnamese air transportation market has witnessed a high average growth rate of 14.9% in passenger volume and 10.7% in cargo, informed Vietnam Civil Aviation Administration.
During the first 9 months of 2017, Vietnamese airports have served more than 71.75 million passengers, up 17.9%, and handled 833,000 tons of cargo, up 34.6% compared to the corresponding period in 2016.
A recent World Tourism & Travel Council report showed the tourism industry's contribution to Vietnam's gross domestic product will increase by nearly 90% to US$34.6 billion in 2027 from the US$18.4 billion recorded last year.
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