Vietnam Airlines Corporation (Vietnam Airlines, stock code: HVN) has just announced its Q4/2023 financial statements with revenue of VND 23,830 billion (approximately USD 1 billion), an increase of 23.3% compared to the same period last year. Operating at a lower cost, the company incurred a gross loss of VND 189 billion.
Vietnam Airlines’ financial income halved to VND 286 billion. Financial expenses decreased by 35.4% to VND 747 billion. Sales expenses also decreased, but business management expenses increased. As a result, Vietnam Airlines reported a net loss of VND 2,064 billion in Q4/2023, compared to a loss of over VND 3,500 billion in the same period last year. This also marks the 16th consecutive quarter that the company has reported a loss.
In the cumulative year 2023, the airline recorded revenue of VND 91,458 billion, an increase of nearly 30% compared to the same period last year. However, the company still incurred a net loss of over VND 5,800 billion, an improvement compared to the loss of nearly VND 11,300 billion in the previous year. This also marks the fourth consecutive year that the airline has reported a loss.
As of December 31, 2023, Vietnam Airlines has accumulated losses of nearly VND 41,000 billion, resulting in negative equity of VND 16,945 billion. The company’s capital is mainly financed by debt. Financial loans of the company amount to VND 27,367 billion.
Vietnam Airlines’ total assets reached VND 57,616 billion, a decrease of VND 3,000 billion compared to the beginning of the year. Of which, fixed assets accounted for more than half of the company’s assets, reaching VND 34,348 billion, a decrease of approximately VND 6,300 billion compared to the beginning of the year. The company still has nearly VND 3,500 billion in cash and bank deposits.
