Airports Corporation of Vietnam posts $37.3m loss in Q3

Tuesday, Nov 02, 2021 08:32

Passengers check in at Tan Son Nhat International Airport in HCM City. — VNS Photo Tien Luc

The Airports Corporation of Vietnam (ACV) posted a record loss of over VND856 billion (US$37.3 million) in post-tax profit in the third quarter, blaming the poor performance on the impacts of the COVID-19 pandemic.

This is the biggest quarterly loss since the firm’s initial public offering in 2016. That compared to the loss of over VND356 billion in Q2 last year, when airlines had to suspend their entire networks.

The net revenue from sales and service provision stood at around VND370 billion in Q3, down 74.3 per cent year on year. The firm suffered from a loss of more than VND1 trillion in core business activities, according to its consolidated financial statement.

Although its net revenue dropped strongly under COVID-19 impacts, the ACV has still had to carry out policies supporting airlines.

The ACV earned nearly VND500 billion in profit in the first nine months of 2021, but the sum plunged by three times from 2020.

By September 30, its total asset value had dropped by over VND1.5 trillion from the start of this year to VND55.36 trillion.

The corporation looks to gain more than VND10.56 trillion in revenue and VND2.36 trillion in pre-tax profit in 2021. However, after nine months, it had fulfilled just almost 36 per cent and 26 per cent of the respective targets. — VNS

Comments (0)