Vietnam Airlines profits over 26 billion VND in just 1 month

Accordingly, in December 2023, the Corporation recorded a profit of VND 26.57 billion from transportation activities, while in the same period in 2022, it lost VND 282 billion.

The parent company's Q4/2023 business results report shows that sales and service revenue reached VND 17,951 billion, an increase of 29.4% compared to Q4/2022. Of which, domestic revenue increased by 14%, international revenue increased by 49.1%.

Vietnam Airlines unexpectedly reported a profit of more than 26 billion VND from transportation business in December 2023.

The total expenses of the parent company in the last quarter increased by 20.54% compared to the fourth quarter of 2022, mainly due to the increase in cost of goods sold, corresponding to the increase in output. The growth rate of revenue and other income was faster than the growth rate of expenses, so the loss after tax decreased by more than VND 125 billion compared to the same period last year. Meanwhile, subsidiaries such as NCS, VACS, NCTS, Skypec... had more profits, causing the consolidated loss in the fourth quarter of 2023 to decrease by VND 1,457 billion, equivalent to 42% compared to the same period.

Vietnam Airlines' good business performance in the last quarter of 2023 has helped the financial picture for the whole year gradually change to a brighter color. The parent company's sales and service revenue in 2023 reached VND 69,038 billion, up 40% compared to the results in 2022. The parent company's gross profit from sales and service in 2023 reached VND 2,087 billion; after-tax loss was only VND 4,798 billion, down 46% compared to 2022.

Consolidated sales and service revenue in 2023 reached VND 92,147 billion, up 30.16% compared to 2022. After deducting the cost of goods sold, Vietnam Airlines achieved a consolidated gross profit of VND 3,939 billion (in 2022, it lost VND 2,876 billion). After one year, the Corporation has reduced its loss by VND 5,706 billion, equivalent to a decrease of 51% compared to 2022, to only negative VND 5,516.7 billion.

"Last year, Vietnam Airlines proactively implemented a series of solutions, business results improved but not comprehensively and quickly in the context of general economic difficulties, weak transport demand, and the impact of damage caused by the Covid epidemic, financial risks (exchange rates, interest rates), high raw material prices, political conflicts in some countries around the world ...", said a representative of this airline.

PHAM DUY

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