Monday , March 4 2024

Airports operator ACV profits in Q4 after record losses

The Airports Corporation of Vietnam (ACV) made after-tax profits of VND333 billion ($14.4 million) in Q4, up more than 20 percent against the same period of 2020.

Its revenues reached VND960 billion, down 43 percent.

The firm witnessed record losses of over VND850 billion in Q3, mainly due to the heavy Covid-19 impact on flights and related services.

Last year, the ACV’s profits stood at more than VND830 billion, down nearly 50 percent against 2020.
The firm’s consolidated financial statements also show it has invested nearly VND714 billion in phase one of Long Thanh International Airport in the southern province of Dong Nai.

ACV heads confirmed that despite the sharp decrease in profit due to the pandemic, capital for the project remains unaffected.

According to ACV Chairman Lai Xuan Thanh, capital for its development investment remains at VND36 trillion, with the rest to be commercial loans.

The ACV plans to complete phase one of the project by June 2025.

This year, the ACV continues to implement projects to expand and upgrade Phu Bai and Con Dao airports in the central province of Thua Thien Hue and the southern province of Ba Ria Vung Tau, respectively, will start construction of the third terminal at Tan Son Nhat International Airport in Ho Chi Minh City and build a new terminal at Cat Bi airport in the northern city of Hai Phong.

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