Vietnam Airlines boasts hefty profit, debuts on UpCoM
HCMC – Vietnam Airlines Corporation reported a 140% year-on-year pickup in last year’s pre-tax profit at around VND2.5 trillion (US$110 million), or 7% higher than the full-year target. The company officially traded shares on the Market for Unlisted Public Companies (UPCoM) on January 3.
A representative of Vietnam Airlines said the aviation market posted high growth, backing the airline’s outstanding business performance last year.
In particular, the corporation and its subsidiaries obtained consolidated revenue of VND76 trillion (US$3.3 billion), up over 10% year on year, and pre-tax profit of nearly VND2.5 trillion, a 140% year-on-year increase.
Of this, the firm earned around VND59.1 trillion in revenue and VND1.6 trillion in pre-tax profit which is 5.6 times higher than in 2015. It paid around VND4.9 trillion to the State budget, an 11% rise from the previous year.
The airline operated over 133,000 safe flights carrying 20.6 million passengers in 2016, up 18.7% over 2015. It transported 264,000 tons of cargo, beating its annual target by nearly 10%.
The corporation has focused on offering four-star quality service on its major domestic and international routes to southeast and northeast Asian countries, Europe and Australia.
Jetstar Pacific, majority-held by Vietnam Airlines Corporation, operates mainly on domestic routes, and offers highly competitive prices, as well as on short-haul international routes, while another offshoot of the corporation, Vietnam Air Services Company (VASCO), offers general aviation services.
Upon equitization, Vietnam Airlines Corporation inked a cooperation agreement with its Japanese strategic airline corporation ANA Holdings Inc. to develop products, expand flight networks, and enhance competitiveness.
The corporation traded its 1.227 billion VNA shares on the UPCoM on January 3 at the starting price of VND28,000 (US$1.24) per share, according to the Hanoi Stock Exchange (HNX).
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