Vietjet’s earnings up 105% in Q3
Vietjet’s earnings up 105% in Q3
Vietjet Aviation Joint Stock Company (HOSE code: VJC) recorded a yearly revenue increase of 105 per cent to more than VND12.7 trillion (US$558 million) in the third quarter.
The strong revenue growth was fuelled by rising air transport, ancillaries, sales and leaseback revenue, according to Vietjet’s business results released on Tuesday.
Vietjet’s air transport revenue for the quarter reached VND8.9 trillion, an increase of 45 per cent year-on-year, and the load factor stood at approximately 89 per cent thanks to the expansion of a new, modern fleet along with the opening of new international routes and flexible seat capacity management in the low season.
Air transport profit in Q3 topped over VND1 trillion, 11 per cent higher than the same period last year. Ancillary products and services also grew dramatically with VND2.8 trillion in revenue, up 55 per cent year on year.
The airline’s pre-tax profit stood at VND1.71 trillion from July to September, up 60 per cent year-on-year.
Over the first nine months, Vietjet continued to have the most flights and best growth with 89,690 take-offs, an increase of approximately 22 per cent.
The airline transported approximately 16.9 million passengers to retain its leading position in the domestic air transport market. International revenue ratio reached over 50 per cent of total operational revenue, exceeding its plan.
Vietjet’s revenue in the nine-month period reached VND33.9 trillion while its pre-tax profit hit VND3.68 trillion, up 30 per cent over the same period last year.
According to Vietjet, its transport revenue stood at VND25.4 trillion in the reviewed period, a yearly hike of 50 per cent, and the air transport profit after tax was VND2.28 trillion, making up 76 per cent of its 2018 target.
Besides these positive business results, the airline’s on-time performance stood at 83.5 per cent while its technical reliability was 99.66 per cent with the safety performance of flight, ground operation indicators amongst the top in the region, Vietjet said in a statement.
The carrier has also been awarded the world’s highest safety ranking with 7 stars by AirlineRatings.com, the world’s leading airline safety and product rating agency.
