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Friday, June 14, 2024

Vietnam Airlines posts VND2.6-trillion net loss in Q1

By Lan Nhi

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HANOI – Vietnam Airlines reported a net loss of over VND2.6 trillion in the first quarter of 2022, sending the national flag carrier’s accumulated loss up to VND24.5 trillion, or over US$1 billion.

This is the ninth straight quarter the carrier has incurred losses due to the Covid pandemic, according to a consolidated financial report in the January-March period released by Vietnam Airlines on May 20.

In the first three months of 2022, the airline posted over VND11.6 trillion in revenue, up 55% year-on-year, marking the highest revenue since the second quarter of 2020.

However, costs surpassed revenues, plunging the carrier into an accumulated loss of VND1.6 trillion. After other expenses were factored in, the airline posted a before-tax profit of negative VND2.6 trillion.

Vietnam Airlines attributed the loss to the impact of the Covid pandemic, the Russia-Ukraine conflict and a surge in jet fuel prices.

The carrier is adopting various solutions to minimize the damage caused by the pandemic and stabilize its operations in the post-pandemic recovery period, according to the airline.

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