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Vietjet Announces Business Results for First Quarter of 2017

April 27, 2017 Financial No Comments Email Email

Its aviation transport revenue stood at VND 5,095 billion, an increase of 43.2% compared to the same period of the previous year, exceeding 10.6 % over the budget. Revenue proportion for international routes rose sharply. Profit rose 6.8% compared to the same period of the previous year.http://www.tourismlegal.com.au/

Its profit before tax and profit after tax stood at VND 432.64 billion and VND 381.65 billion, respectively. The airline carried 3.7 million passengers, an increase of 29.4% compared to the same period of 2016. In the first quarter of 2017, Vietjet launched 3 more international routes, increasing its air routes to 63, with a high load factor of 88%, OTP of 87.7%, an increase of 4.1% compared to 2016. Operation cost (ex. fuel) decreased 4.1% from 2.44 cents to 2.34 cents per ASK.

The first quarter of 2017 saw strong growth in its total asset which reached VND 21,727 billion, an increase of 17.4% compared to the early year period in which cash and cash equivalents sharply rose to VND 2,777 billion. For the same period of the previous year, cash and cash equivalents stood at approximately VND 944 billion. All this showed that the company’s cash flow was very healthy. Its equity rose 69.7% from VND 3,072 billion to VND 5,213 billion. In 2017, Vietjet plans to operate A320/A321 NEO family which will result in 15 per cent fuel savings.

According to Vietjet Managing Director Mr. Luu Duc Khanh, “the company’s operation cost has been within the world’s top airlines”.

Within the first 90 days of 2017, Vietjet operated 22,352 safe flights and recorded a technical reliability of 99.59%, a slight increase of 0.02% compared to 2016. Flight operation, ground operation and engineering safety indicators were listed in the group of highest quality airlines in the Asia Pacific region.

Local fuel cost in the first quarter of 2017 rose averagely to VND 17.9 million/ton compared to VND 12.33 million/ton of the first quarter 2016 (an increase of 46%). Fuel cost increase was forecasted in the business plan for the first quarter of 2017 and for the entire year of 2017.

For the first quarter of 2017, Vietjet did not receive any new aircrafts. Starting from the second quarter, the airline will receive the delivery of new airplanes, hence revenue and income from sale and lease back will not occur; the consolidated financial statements has shown this information.

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