As of September 30, 2022, Bamboo Airways is suffering a loss of VND 1,269 billion.
The consolidated financial statements for the third quarter of 2022 of FLC Group Joint Stock Company (stock code FLC) said that, as of September 30, 2022, the investment in Tre Viet Aviation Joint Stock Company (Bamboo Airways, BAV) with the price the original 4,015 billion dong is suffering a loss of 1,269 billion dong.
Previously, FLC’s financial statements for 2021, quarter 1 of 2022 and quarter 2 of 2022 said that FLC’s accumulated losses due to its investment in Bamboo Airways at the end of the period were VND 501 billion, respectively 651 billion VND and 955 billion VND.
Thus, the losses that Bamboo Airways “created” for FLC in the first, second and third quarters of 2022 reached VND 150 billion, VND 303 billion and VND 314 billion, respectively. FLC is holding 21.7% of Bamboo Airways’ equity and thus, Bamboo Airways lost VND 692 billion, VND 1,398 billion and VND 1,447 billion respectively in the first 3 quarters of 2022.
Thus, in the 9 months of 2022, Bamboo Airways estimated a loss of 3,537 billion dong. This loss is much larger than the loss of nearly 2,300 billion dong of the whole year of 2021.
The consolidation of Bamboo Airways’ business results also caused FLC a rather large loss. This business lost 787 billion VND in the third quarter and 1,888 billion VND in 9 months.
After the arrest of Mr. Trinh Van Quyet, businesses related to FLC were all disturbed, in which at Bamboo Airways, the Extraordinary General Meeting of Shareholders on August 13, 2022 elected a new leadership. Mr. Nguyen Ngoc Trong holds the position of Chairman of Bamboo Airways’ Board of Directors. This is a leader who has been with Bamboo Airways since its inception, and is also the first deputy general director of Bamboo Airways since 2018.
Mr. Doan Huu Doan is the Standing Vice Chairman of the Board of Directors, Mr. Le Ba Nguyen – Mr. Trinh Van Quyet’s brother-in-law is the Vice Chairman of the Board of Directors. Entrepreneur Duong Cong Minh is the company’s Senior Advisor to the Board of Directors. Mr. Nguyen Manh Quan holds the position of General Director of Bamboo Airways, Permanent Deputy General Director is Mr. Doan Huu Doan.
When Mr. Dang Tat Thang – Former General Director of Bamboo Airways left here, he revealed about the transfer of the airline to a new investor. The restructuring will separate the operations of FLC and Bamboo Airways.
Most recently, at the beginning of October, Bamboo Airways informed its partners that Bamboo Airways branch in Ho Chi Minh City will move its office from FLC’s building on Ly Chinh Thang street (District 3) to the 4th floor of Nova College building on Hong Ha Street (Phu Nhuan District). Previously, on August 25, at Novaland Gallery 2bis Nguyen Thi Minh Khai, District 1, Novaland signed a strategic cooperation agreement with Bamboo Airways
After more than 2 years of operation, Bamboo Airways currently operates a fleet of nearly 30 aircraft with a variety of aircraft types. Bamboo Airways’ domestic flight network connects 21/22 domestic airports, 12 international routes connecting to Asia, Australia and Europe. The airline aims to increase its fleet size to 35 aircraft by the end of this year, 42 by 2023, and 100 by 2028.