Vietnam Airlines reports $123.3 million profit

January 13, 2018 | 11:13

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In 2017, Vietnam's flag carrrier Vietnam Airlines reported an accumulated revenue of VND88.4 trillion ($3.89 billion) and accumulated pre-tax profit of VND2.8 trillion ($123.3 million), exceeding the annual pre-tax profit target by 72 per cent.

Vietnam Airlines is one of the five largest companies on the Vietnamese stock exchange

Vietnam Airlines alone earned VND66.2 trillion ($2.92 billion) in revenue in 2017. Meanwhile it made VND1.85 trillion ($81.47 million) in pre-tax profit, exceeding the annual target by 50 per cent and increasing 8 per cent on-year. The company contributed VND1.9 trillion ($83.67 million) to the state budget.

Commenting on the success, the representative of Vietnam Airlines stated that expanding the flight routes in collaboration with increasing the service quality as well as promoting multilateral and bilateral relationships with other carriers played an important role in the soaring business results.

In 2017, Vietnam Airlines and other member carriers, namely Jetstar Pacific and Vasco, conducted 180,000 flights, serving 26.5 million customers and carrying 343,000 tonnes of cargo, signifying increases of 6.7 per cent in customer volume and 19 per cent in cargo compared to the same period of 2016.

Vietnam Airlines was considered one of the five biggest enterprises on the Vietnamese stock market in 2017, along with Vietjet Air, Petrolimex, VPBank, and Vincom Retail.

On January 3, Vietnam Airlines started trading 1.22 billion shares on the Unlisted Public Company Market (UPCoM) at a starting price of VND28,000 ($1.24).

As of December 29, the HVN ticker was reported to reach VND43,000 ($1.9), up 53 per cent against the starting price. The ticker earned an average trading volume of over one million shares per session, with a few exceptions of over two million shares traded.

Additionally, the carrier expected to raise its charter capital as well as launching its initial public offering (IPO) on the Ho Chi Minh City Stock Exchange (HSX) or the Hanoi Stock Exchange (HNX) in the second quarter of this year.

Furthermore, it expects to start direct flights to the US' Los Angeles and San Francisco.

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