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Vietjet announces 1H profit

Released at: 15:47, 01/08/2017 BUSINESS SPOTLIGHT

Vietjet announces 1H profit

Photo: Vietjet

Key indicators all up in second quarter and first half for new-age carrier.

by Doanh Doanh

Following a separate business report released last week, Vietjet Air (HoSE code VJC) has released its consolidated first half results, with increases seen year-on-year.

Total revenue was VND16.39 trillion ($745 million), up nearly 31 per cent year-on-year. Revenue in the second quarter reached VND11.283 trillion, up 89 per cent ($512.86 million) year-on-year.

Consolidated pre-tax profit was VND1.482 trillion ($67.36 million) in the second quarter and VND1.9 trillion ($86.36 million) in the first half, up 44.7 per cent.

Revenue from aviation services stood at VND10.743 trillion ($473 million), an increase of 45.1 per cent and representing 108 per cent of the first-half plan. Pre-tax profit was VND1.09 trillion ($48 million), up 46 per cent year-on-year.

The airline operated five brand-new A321 aircraft and five wet-leased aircraft in the first half. Aircraft sales totaled VND5.621 trillion ($255.5 million). As at June 30, its total assets were VND24.945 trillion ($1.13 billion), up 50.8 per cent.

As at June 30, the airline boasted a fleet of 45 aircraft, including 30 A320s and 15 A321s, and was conducting 13 more routes than on December 31, 2016. It has already opened 73 routes in Vietnam and across the region to international destinations.

It conducted a total of 49,151 flights with 8,27 million passengers, up 22.4 per cent. Its technical reliability stood at 99.55 per cent; the highest obtained by any airline operating A320/A321s in the region. On-time performance for the year stood at 85.7 per cent.

Earlier this year, Vietjet Air received investment approval from the Ho Chi Minh City People’s Committee and the Board of Management at the Saigon Hi-Tech Park (SHTP) for its Aviation Technology Center project, part of a program to develop the Vietjet Aviation Academy at SHTP. It is expected that next year it will launch full flight simulator training.

On July 25, Vietjet and Japan Airlines (JAL) reached a formal comprehensive partnership agreement with the aim of improving customer convenience and operations and service quality while enhancing the corporate value of both companies.

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