Vietjet’s core business continues to increase in 2018

Thursday, Apr 11, 2019 18:47

Vietjet's flight attendents. — VNS Photo

Vietjet Aviation Joint Stock Company earned a total revenue of VND53.57 trillion (nearly US$2.23 billion) and pre-tax profit of VND5.81 trillion ($250 million) in 2018, according to its audited financial results published on Thursday.

Despite rising oil prices, the company’s air transport revenue reached VND33.78 trillion, up 50 per cent year-on-year while air transport profit before tax saw a yearly rise of 49 per cent.

These positive figures showed the company’s ability to grow revenue and good cost management which fuelled its business growth in 2018, Vietjet said.

During the period, Vietjet’s ancillary revenue topped VND8.41 trillion, an increase of 54 per cent year-on-year. The proportion of this segment in total revenue also increased from 24.5 per cent in 2017 to 25.4 per cent in 2018.

As per the data, the company’s total consolidated assets were VND39 trillion as of December 31, 2018, up 24 per cent year-on-year, and its equity recorded a yearly increase of 33 per cent to VND14 trillion.

Last year, Vietjet operated approximately 120,000 flights on 105 routes, covering destinations in Viet Nam and Japan, Hong Kong, Singapore, South Korea and Taiwan, Thailand, Myanmar, Malaysia, Cambodia and mainland China.

Load factor of the year reached over 88 per cent, the technical reliability was 99.64 per cent and the on-time performance (OTP) stood at 84 per cent, the results showed.

In 2018, Vietjet began to receive and operate the new generation A321neo aircraft which could save up to 16 per cent in fuel costs.

Additionally, Vietjet Aviation Academy inaugurated its flight simulator complex (SIM) in partnership with Airbus in a move to ensure its sustainable development. — VNS

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