Tuesday , October 4 2022

Vietnam Airlines cuts losses by nearly half


Vietnam Airlines managed to cut its losses by 44 percent year-on-year in the second quarter to VND2.48 trillion ($106.25 million), thanks to soaring summer travel demand.

Its revenues nearly tripled to VND18.43 trillion, exceeding its target by 35 percent.

This was the highest quarterly revenue since 2020 when travel was yet to be affected by Covid-19.

But the high fuel prices remain a sore point for the carrier.

At the end of June, JetA1 fuel was above US$160 per barrel, double the average price last year.

International travel demand has not fully picked up, especially in Northeast Asian countries, which were a major source of tourists for Vietnam pre-pandemic.

The airline also saw sales expenses double to VND660 billion.

First half losses were down 39 percent to VND5.1 trillion.

Its accumulated losses have climbed to VND28.9 trillion. The airline expects the summer travel season to last until the end of August and the relaxed entry restrictions in other countries to help boost its revenues.

Vietnam Airlines and its low-cost subsidiaries Pacific Airlines and Vietnam Air Services Company together transported nearly 9.5 million passengers in the first six months, 24.6 percent higher than targeted.

Vietnam Airlines accounted for eight million.

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