Vietnam Airlines has released its financial statements for Q2 2024, reporting impressive growth. With a revenue of VND 24,858 billion, the airline saw a 20.4% increase compared to the same period last year. Gross profit stood at VND 2,713 billion, a significant 162% surge year-over-year.
Financial income for the quarter reached over VND 191 billion, nearly double that of Q2 2023. However, financial expenses also doubled due to foreign exchange losses, totaling VND 1,429 billion. Vietnam Airlines experienced a foreign exchange loss of VND 577 billion during this period. Selling and management expenses, on the other hand, witnessed a decrease.
Notably, the airline recognized other income of more than VND 900 billion in Q2 2024, attributed to debt forgiveness. As a result, Vietnam Airlines recorded a pre-tax profit of VND 1,146 billion, a remarkable turnaround from the loss of nearly VND 1,300 billion in the same quarter last year. The company’s parent-only net profit reached VND 934 billion, moving from a loss position in the previous year.
For the first half of 2024, Vietnam Airlines posted a total revenue of VND 53,126 billion, an increase of nearly 20% year-over-year. The company’s parent-only net profit reached VND 5,258 billion, a substantial improvement from the loss of over VND 1,500 billion in the same period last year.
At a mid-year review organized by the State Capital Management Committee on July 16, 2024, Mr. Dang Ngoc Hoa, Chairman of Vietnam Airlines, estimated the airline’s consolidated pre-tax profit for the first six months to be over VND 4,600 billion. The actual profit far exceeded the leadership’s estimates.
As of June 30, Vietnam Airlines still had accumulated losses of VND 35,812 billion, resulting in negative equity of VND 11,533 billion. The company’s financial debt stood at over VND 23,300 billion. Total assets remained relatively unchanged from the beginning of the year, with fixed assets accounting for more than half at over VND 32,000 billion. Short-term receivables were recorded at over VND 7,646 billion.
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