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Vietnam Airlines incurs record loss in first quarter of 2021

Malie Nguyen Malie Nguyen

Dieuhuong270198@gmail.com

April 30, 2021 | 10:36

In the context of fierce competition between airlines to obtain market share as well as prolonged difficulties caused by the Covid-19 epidemic, Vietnam Airlines incurred VND4.975 billion ($215,767) in after-tax loss in the first quarter of 2021.

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Vietnam Airlines incurs record loss in first quarter of 2021

A Vietnam Airlines aircraft lands at Tan Son Nhat International Airport in Ho Chi Minh City in January 2021. Photo by VnExpress/Quynh Tran.

According to the first quarter financial report of the Vietnam Airlines Corporation (Vietnam Airlines), it earned net revenue of VND7,460 billion ($323,585), representing a 60% year-on-year decrease. That revenue plummeted and costs didn’t reduce caused the record after-tax loss of VND4.975 billion ($215,767).

The national flag carrier’s hard business in the first quarter was due to the intense competition in the domestic aviation market and the resurgence of Covid-19 prior to the Tet (Lunar New Year) holiday.

In late March, Vietnam recorded a negative cash flow of nearly VND195 billion ($8.4 million); meanwhile, it was VND3.822 billion ($165,754) in the same period last year.

The Ho Chi Minh City Stock Exchange (HoSE) previously decided to put the HVN stock of Vietnam Airlines on the warning list from April 15.

In 2020, Vietnam Airlines reported revenue of VND40.6 trillion ($1.7 billion), plunging by 69% year-on-year. It incurred a loss of over VND11 trillion ($477 million).

Last year, the total assets of Vietnam Airlines dipped from VND76.5 trillion ($3.3 billion) to VND63 trillion ($2.7 billion) while its capital dropped at VND6.1 trillion ($264 million) due to the coronavirus pandemic.

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Malie Nguyen