CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietjet Air posts record profit at US$64.9 million in first quarter
Ngoc Thuy 12:28, 2018/05/03
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.
Vietjet Air posts record profit at US$64.9 million in first quarter.
As at March 31, Vietjet Air's total assets worth VND32.39 trillion (US$1.42 billion), slightly increase of 2.3% compared to the year beginning. The majority of the airline's assets lies on short-term receivables at VND11.44 billion (US$501.6 million), long-term receivables of VND6.54 trillion (US$286.7 million), wages and others of VND5.7 trillion (US$250 million); long-term advance payment of VND5.25 trillion (US$230.2 million), and airplanes maintenance fees of VND4.45 trillion (US$195.1 million).
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.
Comments
Other news
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.