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Vietjet reports international revenue of up to 55% in Q1 2019

Author: Sirima Eamtako / Date: Tue, 05/07/2019 - 01:05
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In the first three months of this year, Vietjet launched four international and two domestic routes, increasing the total number of routes to 111.

Hanoi, Vietnam – Vietjet has announced a 28 percent year-on-year growth on its air transport revenue in the first quarter of 2019, with the proportion of international revenue reaching 55 percent.

Vietjet attributed the growth to its international flight network expansion strategies. In the first three months of this year, Vietjet launched four international and two domestic routes, increasing the total number of routes to 111. 

The airline also operated 33,646 flights in the same period, covering destinations on its flight network within Vietnam and internationally in Japan, Hong Kong, Singapore, South Korea, Taiwan, Thailand, Myanmar, Malaysia, Cambodia, and China. Its fleet also operates in Dubai and Doha airports.

The low-cost carrier’s air transport profit before tax reached VND 923 billion (about USD 39.6 million), a 25.3 percent increase year on year. Its consolidated profit before tax reached VND 1,648 billion, up 11.3 percent compared to the same period in 2018.  

Vietjet’s core revenue from air transport in 2019’s first quarter reached VND 10,071 billion, an increase of nearly 28 percent, of which ancillary revenue reached VND 2,647 billion, up 45.1 percent year on year increase.  The proportion of ancillary revenue in air transport revenue continued to increase from 23.1 percent in QI of 2018 to 25.4 percent at the end of 2018, reaching 26.3 percent at the end of QI of 2019. 

Consequently, business results in 2019 so far continuously exceeded its forecasted targets with consolidated revenue reaching VND 13,636 billion and consolidated profit after tax reaching VND 1,463 billion, equivalent to an increment of 9 percent and 7 percent year-on-year respectively.

Vietjet has reached 23.4 percent of this year’s revenue plan so far and 26.5 percent of its profit plan. As of 31 March 2019, equity was over VND 15,507 billion, an increase of 34.6 per cent year-on-year and 10.5 per cent more than 2018 of the same period.

Vietjet announced that it expected to keep a positive growth momentum in its three-year targets that the Board of Management reported at the Annual General Shareholders’ Meeting in April. Its aims are to maintain its leading position in domestic passenger transportation and effectively expand international routes with investment opportunities for infrastructure, terminals, technical services, ground services, training and efficiency to aid its expansion plans.
 

ABOUT THE AUTHOR

Sirima Eamtako

Editor in Chief

Sirima is the Editor-in-Chief of TravelDailyNews Asia-Pacific, responsible for the editorial aspects of the online news portal.