Monday , March 20 2023

Main bourse warns Vietnam Airlines of delisting

HVN of Vietnam Airlines would be delisted if the national carrier continues to report a loss or negative equity this year, the Ho Chi Minh Stock Exchange (HoSE) warned.

The ticker is being restricted after Vietnam Airlines posted equity of negative VND2.16 trillion ($91.8 million) in Q1, and losses for the two most recent years.

Under the current regulation, a company will have its ticker delisted if it reports losses for three consecutive years, or its accumulated losses exceed the charter capital, or its equity is negative.

As of June 30, Vietnam Airlines’ equity was a negative VND4.9 trillion ($209 million), its liabilities exceeding assets by VND36.435 trillion and its overdue payables at more than VND14.85 trillion.

The national carrier targeted revenues of VND45.2 trillion, and pre-tax losses of VND9.3 trillion for 2022.

In a statement sent to the HoSE it said it would restructure its portfolio and issue shares to raise its capital.

Last year, Vietnam Airlines avoided delisting after issuing 800 bonus shares worth VND8 trillion.

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