Vietjet’s (VJC) profit rises by 254% in first quarter
Vietjet’s (VJC) profit rises by 254% in first quarter
Vietjet Aviation Joint Stock Company (HOSE code: VJC) recorded a yearly increase of 254 per cent in pre-tax profit at VND1.48 trillion (US$65 million) in the first quarter of 2018.
During the period, the company’s revenue stood at VND12.56 trillion, up 146 per cent year-on-year, fuelled by the growth in passenger air transport, ancillary and sale as well as leaseback revenue, according to its consolidated financial results released on Thursday.
Compared to the target of VND50.97 trillion in revenue and VND5.8 trillion in pre-tax profit for 2018, the first quarter results achieved 25.5 per cent of the annual target, Vietjet said in a statement.
Thanks to fleet expansion along with the opening of new international routes, Vietjet’s air transport revenue reached over VND6 trillion, an increase of 52 per cent year-on-year and 10 per cent higher than the company’s target. This increased its core business profit by 74 per cent year-on-year to nearly VND737 billion.
The results showed that Vietjet’s earnings per share (EPS) in the first quarter was VND3,026, one of the highest EPS in the stock market.
The company said it would pay a cash dividend of 10 per cent on May 25 to its shareholders and was on its way to finalise the necessary procedures at the State Securities Commission of Viet Nam to settle the remaining 20 per cent dividend of 2017 by means of shares.
From January to March this year, Vietjet operated 28,830 safe flights with a technical reliability of 99.7 per cent. The airline’s on-time performance in the first quarter stood at 83.4 per cent.
Recently, Vietjet announced its plans to open international routes to India and Australia in line with the international flight network expansion strategy after achieving full coverage in the domestic airspace.
Vietjet also won the title of the fastest-growing regional airline, awarded by Changi Airport.
