Vietnamese airlines recovering in 2023
🛬 Vietnam Airlines and VietJet Air reported profits again in the first quarter of this year, while Bamboo Airways neared the break-even point, thanks to the Tet travel peak.
🛩️ Newly released financial statements, Vietnam Airlines posted a consolidated pre-tax profit of VND19.3 billion (US$817,800) in the first quarter of this year, compared with a loss of VND2.6 trillion in the first quarter of last year. The gains halted the streak of 12 loss-making consecutive quarters since Covid-19 emerged.
🇻🇳 The national flag carrier’s revenues doubled to VND23.64 trillion, the highest since the beginning of 2020 and close to the pre-pandemic levels of 2019.
🚀 After incurring losses in 2022, Vietjet Air made a pre-tax profit of VND243 billion in the first quarter of this year. That figure came out of a consolidated revenue of VND12.9 trillion, its highest revenue in the last 12 quarters. Vietjet Air’s revenue from the international market increased, accounting for 45% of its total revenue from passenger transport.
🧮 passenger numbers are increasing:
🔺the number of passengers transported by Vietnam Airlines surged by 63% to 5.1 million.
🔺Vietjet operated 31,300 flights, transporting nearly 5.4 million passengers in the first quarter, up 57% and 75% respectively.
🛢️In the last quarter of last year, both Vietnam Airlines and Vietjet operated below cost as the fuel price of Jet A1 and interest rates were high. The price of jet fuel last year sometimes exceeded $160 per barrel and averaged $130. According to Vietnam Airlines, the average price of Jet A1 fuel in the first three months of the year downed to US$110.69 per barrel.