Vietnam Airlines' third quarter business results improve positively

Thanks to the restoration of the entire domestic flight network and most international routes, the opening of new routes and increased operations during the peak summer period, Vietnam Airlines achieved positive business results in the third quarter and the first 9 months of 2024. In the first 9 months of 2024, Vietnam Airlines achieved a total consolidated revenue of more than VND 85,466 billion, an increase of more than 24.64% compared to the same period in 2023. Consolidated profit after tax was more than VND 6,263 billion. In the third quarter of 2024 alone, consolidated profit after tax reached VND 862 billion. The profit achieved was mainly due to the continued improvement of the parent company's efficiency and the resonance of the ecosystem of profitable subsidiaries compared to the same period last year. The total revenue and other income of the parent company in the third quarter of 2024 increased by 19.12% compared to the third quarter of 2023, equivalent to an increase of more than VND 3,470 billion. Of which, service revenue increased by 17.34%, equivalent to an increase of more than VND 3,055.7 billion over the same period last year. In the first 9 months of the year, Vietnam Airlines conducted 106.4 thousand safe flights. Passenger transport reached 17.2 million, up 8.9% over the same period in 2023; Cargo and parcel transport reached nearly 226 thousand tons, up 42% over the same period in 2023. Vietnam Airlines has restored the entire domestic flight network; resumed operations on most international routes and opened new routes. The airline launched new international routes Hanoi/Ho Chi Minh City - Munich (Germany), Hanoi/Ho Chi Minh City - Manila (Philippines), Hanoi - Phnom Penh (Cambodia) and a series of domestic routes such as Da Nang - Da Lat, Da Nang - Buon Ma Thuot, Da Nang - Can Tho. At the same time, Vietnam Airlines operates wide-body aircraft on routes between Vietnam and India, Singapore, and China. Although the market has recovered to a certain extent, Vietnam Airlines still has many difficulties to overcome due to the prolonged consequences of Covid-19. By the end of 2023, the airline still has a negative equity of more than VND 17,026 billion. The aviation market continues to face long-term challenges such as political conflicts, exchange rate fluctuations, unfavorable fuel prices, engine recalls by manufacturers, high costs of materials, spare parts, maintenance, and aircraft leasing, etc.

In the first 9 months of 2024, Vietnam Airlines achieved consolidated revenue of more than 79,994 billion VND. Photo: VNA.

In that context, Vietnam Airlines has implemented many self-made solutions such as flexibly managing the supply of transport capacity, optimizing costs, negotiating service discounts, etc. Vietnam Airlines has also taken advantage of the growth momentum of the international market to quickly recover and develop. Vietnam Airlines has completed the overall project of solutions to remove difficulties caused by the impact of the Covid-19 pandemic so that the airline can soon recover and develop sustainably in the period of 2021-2035 and has reported to competent authorities. According to the project, in 2024-2025, Vietnam Airlines will synchronously implement solutions to overcome the situation of negative equity such as: restructuring assets and financial investment portfolio to increase income and cash flow. In addition to ensuring business efficiency, Vietnam Airlines continues to promote the role of the National Airline by coordinating with the Ministry of Planning and Investment, the Ministry of Culture - Sports - Tourism and a number of Embassies in Vietnam to organize dozens of conferences and seminars to promote investment and tourism... to accompany the country to seize opportunities to bring Vietnam closer to the world. Along with that, the airline has implemented a series of sustainable development programs such as "Fly lightly to Con Dao", "Gop la patch the forest", participating in the gender equality campaign He for She, accompanying the whole country to provide relief to flood areas and overcome the consequences of storms and floods... The airline is preparing an early operational plan to meet passenger demand in the fourth quarter of 2024 and early 2025, such as proactively monitoring market developments, operating reasonable supply capacity during low and peak periods during Christmas and New Year; implementing aircraft reception work, narrow-body aircraft fleet investment project, implementing the Airbus A321CEO aircraft configuration conversion project... Source: https://daibieunhandan.vn/ket-qua-kinh-doanh-quy-iii-cua-vietnam-airlines-cai-thien-tich-cuc-post394942.html