Vietjet recorded a financial revenue of VND 1,174 billion in the second quarter, 8 times higher than the same period in 2019.
Vietjet aircraft at Noi Bai International Airport. Photo: Duc Quyen.
Vietjet Aviation Joint Stock Company just released its consolidated financial statements for the second quarter of 2020, showing that net revenue reached VND 4,970 billion, down 61% compared to the second quarter of 2019. Cost of goods sold was recorded at VND 5,079 billion, higher than net revenue, resulting in a gross loss of VND 109 billion.
On the contrary, Vietjet had financial revenue of 1,174 billion dong, up 726% over the same period. Thanks to that, after deducting selling expenses, business management, the company still recorded a net profit of 1,063 billion dong, up 71%.
In the explanatory report, Vietjet said the COVID-19 pandemic had a direct impact on the global aviation industry and was a major cause of the decline in travel demand between countries around the world, Vietnam also. Not an exception.
Despite an order to prevent social epidemics in April, Vietjet still managed to operate more than 300 cargo flights and carry out a total of 14,000 flights in the quarter.
“Being a low-cost carrier (Low Cost Carrier (LCC) with the ability to optimize operating costs but Vietjet still has to maintain a fixed cost to prepare resources when the market comes back, so transportation profit is negative 1,122 billion in the second quarter, “Vietjet said.
In the structure of Vietjet’s revenue of 3,169 billion dong from aircraft ownership and trading (SLB), the cost of this activity is 1,163 billion dong, corresponding to the gross profit of SLB of 2,006 billion dong.
In the first half of 2020, Vietjet recorded a net profit of VND 73.6 billion. At the same time, the national airline of Vietnam Airlines lost VND 6,642 billion, FLC Group (the company that owns Bamboo Airways) lost VND 2,725 billion.