Vietjet releases latest H1 2019 financial results

Darren Wood
By Darren Wood August 21, 2019 09:05

Vietjet releases latest H1 2019 financial results

Vietjet Aviation Joint Stock Company has released its latest financial results for the second quarter and first six months of 2019.

Vietjet achieved VND26.301 billion ($1.13 billion) in revenue, an increase of 24% over the same period last year.

Revenue in the year’s second quarter reached VND12.664 billion ($546 million), increasing 46% over the same period last year.

The company’s pre-tax profit in the second quarter at VND750 billion ($32.3 million), an increase of 10.6% over the same period last year.

The last six months’ accumulated profit was VND2.398.6 billion (is $32.3 million), increasing 11%. Post-tax profit achieved in the last six months was VND2.084 billion ($8.9 million), an increase of 4.2% over the same period last year.

In the last six months of the year, passenger aviation market enjoyed 9.4% growth over the same period last year.

Vietjet’s revenue from international flights in the second quarter of 2019 was VND7.932 billion ($340.1 million), approximately equal to total revenue of last year’s second quarter. The figure occupied 62.6% of total Vietjet’s revenue in the year’s second quarter and much higher than the rate of 42.4% in the same period last year.

Since the beginning of the year, Vietjet has opened nine other international routes to Japan, Hong Kong, Indonesia, China and three domestic routes, which helped increase the total number to 120 routes, including 78 international routes and 42 domestic ones. The flight network has covered destinations in Vietnam and international ones to Japan, Hong Kong (China), Singapore, South Korea, Taiwan, Thailand, Myanmar, Malaysia, Cambodia, and China. Vietjet aircraft have also been operated at Dubai and Doha airports.

In the first half of 2019, Vietjet operated 68,821 flights, equivalent to 45 per cent of total flights operated by all Vietnamese airlines and transported 13.5 million passengers in all network.

Vietjet maintained its leading position in domestic transportation with 44 per cent market share in the first six months.

As for other operating results, the revenue passenger kilometers (RPK) reached 16.3 billion, a 22% increase year on year. Load factor was averagely 88%, technical reliability was 99.64% and on-time performance (OTP) reached 81.5%.

Vietjet’s total asset is nearly $2 billion or equal to VND44.460 billion. Of which, owner’s equity reaches VND15.622 billion ($673 million), an increase of 32% over the same period last year. Undistributed profit after tax is VND9.800 billion ($422.2 million), approximately doubled the equity of VND5.416 billion ($233.3 million).

Short-term asset is VND22.000 billion ($947.8 million) while short-term loans are 7.300 billion ($314.3 million) and long-term loans are VND545 billion ($23.4 million). Debt equity ratio is 0.5 time and total debt to equity ratio is 17.8%, which makes no pressure on interest expenses.

Darren Wood
By Darren Wood August 21, 2019 09:05