In its latest financial statement, Vietnam Travel and Marketing Transports JSC (Vietravel) posted net revenue of VND215 billion (US$9.4 million) in the first quarter of 2022, down 22 per cent year-on-year.

But its revenue structure saw a significant change as revenues from selling airline tickets fell sharply from VND70.6 billion in the same period of last year to VND2.6 billion, while revenues from tourism services increased strongly to VND196 billion from VND72 billion.

During the period, the company's financial income also declined by more than 98.6 per cent on-year to VND225 million from VND16.6 billion.

Meanwhile, other expenses all dropped dramatically, with financial expenses down 27 per cent, and selling and general administration expenses fell by 81.5 per cent and 51.6 per cent, respectively.

The loss of VND60 billion in affiliated activities was the main cause of the loss of VND108 billion in the first quarter of 2022. After losing for four consecutive quarters, the company posted a profit of VND228 billion in the last quarter of 2021.

This year, Vietravel set a revenue target of more than VND3.5 trillion and a profit before tax of VND5.8 billion.

As of March 31, Vietravel's undistributed profit after tax was negative VND293 billion. Its equity was negative VND100 billion, while at the beginning of the period it was still positive VND8 billion.

The loss in affiliated activities during the period came from Vietravel Airlines. Before December 15, 2021, Vietravel sold 55.58 per cent of Vietravel Airlines' charter capital for VND867 billion. However, by the time of issuing financial statements, Vietravel had not yet collected the fee from this transfer. — VNS