Vietnam Airlines (HVN) stock restricted over late submission of audited financial report
Vietnam Airlines (HVN) stock restricted over late submission of audited financial report
The Ho Chi Minh City Stock Exchange (HoSE) has restricted the trade of 2.2 million HVN shares of Vietnam Airlines to afternoon sessions only, starting July 12, due to the flag carrier’s delay in submitting its 2022 audited financial report.
The air carrier failed to submit its audited financial report within 45 days from the deadline.
In response, Vietnam Airlines said it is adopting solutions to resume the normal trade of its shares on the southern bourse.
Investors can still trade HVN shares in afternoon sessions and the restriction has not affected the air carrier’s business activities, Vietnam Airlines said in a statement released on Thursday.
The firm has been undergoing a comprehensive restructuring and improvement of its business operations.
It has also been coordinating closely with an auditing company to complete and publicize its audited financial statement.
Vietnam Airlines informed that its operations remain stable with nearly 400 flights per day.
The figure is expected to rise further in the peak summer travel season.
The airline operated some 64,300 flights carrying 10.14 million passengers in the first half of the year, up 23.6 percent year on year.
It transported 103,287 metric tons of cargo in the period, equal to 91 percent of the figure in the first half of last year.
The air carrier generated consolidated revenue of VND45.3 trillion (US$1.9 billion) in the period, equivalent to 148.9 percent of the revenue in the same period last year, local media reported.
Vietnam Airlines has taken drastic measures to cut costs, besides solutions to increase its revenue.
It reduced operating costs by over VND7.2 trillion ($304.3 million) last year.
HoSE has put HVN shares under supervision since May 12 as the airline failed to submit its audited financial statement for 2022 within 30 days from the deadline.
At the end of March this year, Vietnam Airlines had sought HoSE’s permission to delay the submission, but its proposal was turned down.
In February this year, HoSE warned that if Vietnam Airlines' audited consolidated financial statement for 2022 shows a loss or negative equity, its ticker will be delisted.
A report prepared by the airline revealed that it incurred an accumulated loss of nearly VND32 trillion ($1.35 billion) and equity of negative VND10.2 trillion ($431 million) in 2022.
