Vietnam Airlines hits profit of $101.05m

The Vietnam Airlines Corporation earned VN?2.31 trillion (US$101.05 million) of pre-tax profit in the first nine months of the year, exceeding more than 40 per cent if its yearly target.

The firm’s financial status is considered positive with good payment ability. It made consolidated revenue of more than VN?65 trillion, up 20 per cent year on year. It contributed over VN?4.3 trillion to the State budget, seven per cent higher than the same period last year.

In the third quarter alone, the firm recorded pre-tax profit of nearly VN?1.3 trillion, increasing 57 per cent year on year.

After completing the sale of shares to strategic shareholders and restructuring debt, the debt to equity ratio has been reduced and maintained at approximately three times at the end of 2017. Currently, the carrier has been completely active and does not have to use the Government’s loan guarantee for the development of its fleet.

During the period, Vietnam Airlines carried out nearly 108,000 flights with its rate of On Time Performance (OTP) reaching 90.8 per cent, up 6.7 points over the same period last year, and exceeding its target by 2.8 per cent. It remains the airline in Vi?t Nam with the highest punctuality index.

The rate of guests making their own online check-in via web/mobile or kiosk check-in at Tân S?n Nh?t, N?i Bài and ?à N?ng airports has reached a high level of 42 per cent, 38 per cent and 33 per cent respectively – thereby contributing to improving service quality, improving the OTP index as well as reducing pressure on human resources and infrastructure for airports.

In the fourth quarter of 2017, the corporation will implement its plan to increase charter capital to offer shares to existing shareholders and complete the fleet development plan for 2020-2025, with a vision to 2030.

It will continue to meet market demand, maintain and ensure the absolute safe operation and give priority to delegates and guests travelling to the APEC 2017 High Level Week in ?à N?ng. — VNS

Source: Viet Nam News

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