Monday , June 24 2024

Bamboo Airways’ accumulated loss bigger than Vietnam Airlines, Vietjet

Bamboo Airways posted an accumulated loss of VND3.2 trillion ($136 million) last year, higher than that of Vietnam Airlines and Vietjet.

Although the company saw revenue tripling to VND11.73 trillion, costs still exceeded that figure due to difficulties in the Northeast Asia market and the Russia-Ukraine conflicts, which drove up fuel expenses, according to the company’s financial disclosure.

Other airlines also posted accumulated loses last year. Vietnam Airlines lost VND2.64 trillion, an improvement from VND10 trillion recorded in 2021, thanks to revenues recovering to 70% of pre-pandemic levels.

Vietjet posted an accumulated loss of VND1.99 trillion last year. Bamboo Airways leaders, however, are optimistic about the future of the company.

Chairman Nguyen Ngoc Trong said that the airline nearly reached its breakeven point in the first quarter as its fleet of 30 aircraft operated at full capacity.

Bamboo Airways is set to post profit in 2025, he added. The airline targets a growth rate of 15-20% this year. It is considering plans to expand its fleet and routes and increase occupancy.

New routes are being considered to Europe, Northeast Asia, Southeast Asia and Australia.

The airline is seeking the government’s permission to increase its fleet size to more than 30.

Bamboo Airways is set to select a new board of directors for the 2023-2028 period on June 21.

The five directors of Bamboo Airways have asked to resign, and the airline will select a new board of seven directors at the upcoming general meeting.

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