Vietnam Airlines earns record US$123 million pre-tax profit

Thursday, 2018-01-11 11:24:49
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NDO - The national carrier Vietnam Airlines reaped a record high pre-tax profit of over VND2.8 trillion (US$123.2 million) in 2017, beating its annual target by 72% and jumping 8.3% from the previous year, the airline reported on January 10.

The airline and its affiliates, including Vietnamese low-cost carrier Jetstar Pacific and Vietnam Air Service Company, carried around 26.5 million passengers and 343,000 tonnes of cargo on nearly 180,000 flights in 2017.

The national carrier now dominates the domestic market, with a market share of 60%.

The airline's impressive result was attributed to the expansion of its modern fleet, widespread routes, improved services, and the enhancement of bilateral and multilateral cooperation activities.

Earlier in January 2017, the state-owned airline floated over 1.2 billion shares on the Hanoi's Unlisted Public Company Market (UPCoM), becoming one of the largest public companies at that time.

Shares of the airline hit VND42,000 (US$1.85) apiece by the end of 2017, up 60% compared to the opening price of VND28,000 (US$1.23).

Vietnam Airlines also plans to list on the Ho Chi Minh City Stock Exchange (HOSE), the country's largest bourse in the second quarter of 2018 and continue to sell stakes to its shareholders to raise capital and reduce state holdings.