Vietnam Airlines Corporation reported pre-tax profit in the first quarter of 2023
- 129
- Enterprise
- 00:54 01/05/2023
DNHN - Vietnam Airlines Corporation (Vietnam Airlines, HoSE: HVN) has just released its consolidated financial statements for the first quarter of 2023, which include a greater number of positive indicators compared to the previous three years.
Vietnam Airlines explained this business result by stating that it had restored 100% of domestic routes and 90% of international routes since the outbreak.
Vietnam Airlines recorded a net revenue from sales and service provision of VND 23,494 billion in the first quarter of 2023, which was double the same period last year. However, the cost of goods was 21,534 billion dongs, so the company's gross profit was only 1,959 billion dongs. Nevertheless, this profit is still superior to the VND1,594 billion gross loss of the previous year.
During the same time frame, the company's financial income increased by 262 billion dongs to 366 billion dongs.
Financial expenses increased by 46% year-over-year to VND 773 billion, with interest expense comprising nearly half. Additionally, selling expenses increased significantly by 187% to nearly VND 1 trillion. Expenses associated with business administration and other expenses are greater than in the first quarter of 2022.
This quarter, the company recorded a net profit of VND 57 billion from business activities, compared to a loss of VND 2,742 billion in 2022.
This airline recorded a consolidated pre-tax profit of VND 19.3 billion in the first quarter of 2023, while it lost more than VND 2,600 billion during the same period. However, Vietnam Airlines' profit after taxes was still negative at 37,3 billion dongs, compared to a loss of 2,685 billion dongs during the same period. This is also Vietnam Airlines' lowest quarterly loss in the past 13 quarters.
Vietnam Airlines stated that the restructuring project for the period 2021-2025 has been completed, reported to shareholders, and authorized by the General Meeting of Shareholders for the Board of Directors to approve and implement the Vietnam Airlines restructuring project for the period 2021-2025 after the competent authority approved the principle for solutions to remove Vietnam Airlines' difficulties.
In the project, the Corporation will implement concurrent solutions to overcome losses and negative equity, improve business performance and financial situation, and quickly recover through restructuring. After receiving approval from the appropriate authorities, structuring the assets and investment portfolio to increase income, supplement cash flow, and prepare the necessary conditions to implement the plan to issue shares to increase equity.
Bao Phuong
Related news
- Long An - Jeju Cooperation: Enhancing Local Friendship Ties
- Ministry of Finance: Corporate bond maturity volume in 2024 will decrease compared to last year
- Long An continues to push for Korean investment - Promoting comprehensive development collaboration
- Sunwah Group signed strategic partnership with Binh Duong province, Emphasising the strategic cooperative partnership between China and Vietnam
- National Assembly Chairman Vuong Dinh Hue received and worked with the Chairman of Sunwah Group (Hong Kong-China)
- Dr Vu Tien Loc: Unlocking the real estate market to boost the economy is a crucial solution
- Ba Ria - Vung Tau: 4 key areas of industry, seaports, tourism and high-quality services planned to attract investment
- Financial solutions for the global supply chain in Vietnam
- Viettel ranks second in global telecoms brand index
- Vietnam’s steel imports are estimated to exceed US$4 billion by the end of the first quarter of 2024
- Acting President Vo Thi Anh Xuan meets a delegation of the Vietnam Young Entrepreneurs Association
- State-owned enterprises to play a leading role in the economy
- Ensuring power supply - a key factor for FDI enterprises to invest in Vietnam
- South Korea to approve projects supporting Vietnam’s agricultural development
- Thanh Hoa Business Association: Seminar and Business Networking in Trieu Son District
- Binh Thanh Business Association organised March’s “Business Start-up and Management” Coffee Talk
- Vietnamese businesses dominate market share in Japan
- Important seafood industry groups exported to Australia
- Prime Minister encourages Australian companies to make investments in fresh growth drivers in Vietnam
- Foreign E-commerce businesses pay over 2,000 billion VND in tax in the first two months of the year
Đọc thêm Enterprise
Vinamilk CEO: Our priority is to continue increasing market share, ensuring business efficiency and dividends for shareholders
On April 25, 2024, Vietnam Dairy Products Joint Stock Company (Vinamilk) held its 2024 Annual General Meeting of Shareholders (AGM).
Sunwah Group signed strategic partnership with Binh Duong province, Emphasising the strategic cooperative partnership between China and Vietnam
“As Chairman of the Sunwah Group (Hong Kong), I am proud that our efforts over the past 55 years in Vietnam played a significant role in fostering economic cooperation and mutual development between Vietnam and China.” - Dr Jonathan Choi shared.
VinFast returns to the sales battle with the automotive industry giants in Vietnam
In 2024, VinFast aims to sell 100,000 electric vehicles, a figure that far exceeds the number of vehicles sold by Hyundai - the brand that led the market in sales in Vietnam last year.
Dr Vu Tien Loc: Unlocking the real estate market to boost the economy is a crucial solution
According to Dr Vu Tien Loc, a National Assembly delegate and Chairman of the Vietnam International Arbitration Centre, unlocking the real estate market to boost the economy is a crucial solution.
BIDV suggests financial solutions to advance sustainable development
Recently, at the Trade Finance Forum 2024, a representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) proposed several financial solutions to promote trade finance to combat climate change.
SaigonTex & SaigonFabric 2024 to bring together businesses from 20 nations and territories
SaigonTex & SaigonFabric 2024 will feature specialist workshops on policies, the circular economy, green transition and digital transformation in the textile and garment industry.
Traphaco anticipates record earnings in 2024
Traphaco’s Board of Directors expects gross profit in 2024 to reach VND303 billion, up 6% year-on-year.
VinFast Officially Joins a New Market
According to VinFast representatives, the cooperation with one of the largest car distribution companies in Micronesia affirms VinFast’s international reputation.
BIDV took part in the National Investment Forum on "Inclusive Business in Agriculture and Food Systems"
On March 15, 2024, in Ho Chi Minh City, a representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) participated in the event “National Investment Forum on Inclusive Business in Agriculture and Food Systems”.
VPBank Technology Hackathon 2024 – an innovative playground for technology talents
VPBank Technology Hackathon 2024 is a large and creative technology playground aimed at tech talents, especially young talents graduating from universities in the Information Technology and Data Science groups with excellent academic records.