Vietnam Airlines’ NASCO to list on UPCoM
Vietnam Airlines’ NASCO to list on UPCoM
The Noi Bai Airport Services Company (NASCO) will list its 8.3 million shares on the Unlisted Public Company Market (UPCoM) under the code NAS, according to the Ha Noi Stock Exchange.
NASCO, an affiliate of Vietnam Airlines, the country’s largest aviation corporation, has a chartered capital of VND83 billion (US$ 3.7 million). Currently, its parent company Vietnam Airlines holds 51 per cent of NASCO’s capital and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) holds another 10 per cent.
The company, which is headquartered at Noi Bai airport in Ha Noi, offers various services at airports such as duty-free shops, restaurants, VIP lounge, and travel and transport services.
In the first nine months of 2016, NASCO’s revenue touched around VND400 billion, down 8 per cent year-on-year. Its post-tax profit was around VND24.5 billion, roughly the same as in 2015.
Of its total revenue, the income earned from the transport service segment was the highest at VND200 billion. Though the revenue gained from restaurants was lower, its profit accounted for half of the company’s total profit.
NASCO is currently the only firm at Noi Bai airport that offers a business-class lounge with its interiors meeting 4-5 star standards.
In 2016, NASCO faced business challenges after Terminal 2 became operational at Noi Bai airport as it affected the number of tourists using its services. The restructuring and upgradation of T1 has narrowed NASCO’s spaces at the airport, as well as thrown up fierce competition from new rivals.
Two other companies that operate in Viet Nam’s airport service sector are Tan Son Nhat Airport Services Joint Stock Company (SASCO) and Da Nang Airport Service Joint Stock Company (MASCO), both subsidiaries of Vietnam Airlines.
