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Vietjet Generated USD84.7 million Group Profit before Tax in 1H2017

August 4, 2017 Financial No Comments Email Email

Following its 1H2017 unaudited separated financial statements released last week, Vietjet Aviation Joint Stock Company (HOSE code: VJC) has released its unaudited group financial statements for 1H2017, charting surpassed growth in targets as compared to the same period last year.

Accordingly, overall revenue for 1H2017 stood at USD730.7 million, an increase of around 31 per cent compared to the previous period. Revenue in 2Q2017 on the other hand reached USD503.0 million, an increase of 89 per cent year-on-year.

The group profit before tax in the second quarter was USD66.1 million while the group profit before tax in the first half of 2017 stood at USD 84.7 million, a 44.7 per cent increase year-on-year.

Moreover, the growth in passenger carriage on international routes increased by nearly 130 per cent, making it the main driving force behind the quarter growth. Also, revenue in aviation carriage in 1H2017 stood at USD478.9 million, an increase of 45.1 per cent compared to the same period last year. The company’s profit before tax from aviation carriage reached over USD48.6 million, an increase of 46 per cent year-on-year.

In 2Q2017, Vietjet received five more brand-new A321 aircraft from Airbus, generating USD250.6 million in revenue from aircraft sales. As of 30 June 2017, Vietjet’s total assets were USD1.13 billion, a 50.8 percent increase; while owners’ equity reached USD355.04 million, an increase of 130 per cent year-on-year.

The airline also successfully optimised its operation costs as its cost of Available Seat-Kilometer excluding fuel (CASK ex-fuel) continued to decrease to 2.23 US cents compared to 2.43 US cents in the same period last year. Furthermore, the Revenue per Available Seat-Kilometer (RASK) increased from 4.29 US cents to 4.42 US cents. This puts Vietjet among the most efficient carriers in the world.

As of 30 June 2017, Vietjet operated 30 A320 aircraft and 15 A321 aircraft on 73 domestic and international routes, an increase of 13 routes compared to that of 31 December 2016.This is equivalent to an increase of 37.7 per cent year-on-year, an achievement of the year’s target by 110.6 per cent

The airline conducted a total of 49,151 flights with 8.27 million passengers, charting an average load factor of around 88 per cent and an increase of 22.4 per cent year-on-year. Vietjet also recorded a technical reliability rate of 99.55% and on-time performance rate of 85.7%. Other index rates for operation safety, technical operations and ground operations were among the highest in the Asia-Pacific region.

Vietjet also broke ground for the construction of the Vietjet Aviation Academy in the Saigon Hi-Tech Park in District 9, Ho Chi Minh City, Vietnam. The first element of the academy – the full flight simulator is expected to be operational in the next 12 months.

On July 25, Vietjet and Japan Airlines (JAL) reached a formal comprehensive partnership agreement with the aim of improving customer convenience and operations and service quality while enhancing the corporate value of both companies.

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