Vietjet Air posted an operating profit of VND 103 billion during the third quarter of 2021, reversing the VND 928 billion operating loss for the same quarter last year, as costs declined significantly at the Vietnamese low-cost carrier.
The carrier’s results, released on 10 December, showed that revenue for the quarter ended 30 September fell 5.5 percent to VND 2.65 trillion, while costs fell by 38.8 percent to VND 2.09 trillion. Attributable net profit came in at nearly VND 72.9 billion, as compared to a net loss of more than VND 971 billion.
During the nine-month period, the carrier recorded an operating profit of nearly VND 260 billion, a favourable comparison to the VND 2.66 trillion operating loss for the same period in 2020.
The operating profit figure, however, was cushioned by a VND 3.8 trillion windfall in finance income for the period.
Revenue for the period to 30 September was down 25.9 percent to VND 10.2 trillion, and that costs declined by 20.9 percent to VND 12.5 trillion. Attributable net profit came in at VND 193 billion, when compared to the nearly VND 925 billion net loss last year.
Cash and cash equivalents as of 30 September 2021 amounted to VND 1.64 trillion, down from the VND 2.3 trillion figure on the same date in 2020.
In November, Vietjet Air announced the selection of Airbus A330s for its long-haul needs. This was followed by another announcement on 2 December, where the carrier said it will fly to Moscow starting in July 2022, with flights from Hanoi, Ho Chi Minh City, and Nha Trang to the Russian capital.