Vietnam Airlines Corporation (Vietnam Airlines, stock code: HVN) has officially released its first quarter consolidated financial statements, reporting sales of VND 23,640 billion, doubling the same time in 2022. Notably, the figure has approximated the revenue level prior to the Covid-19 crisis.
The national airline’s gross profit climbed to 1,959 billion dongs, while the gross loss was 1,595 billion dongs at the same time.
Revenue from the financial activities of the firm climbed 3.5 times to 366 billion dongs in the first three months of the year. Financial expenditures, on the other hand, went up by 46% to 773 billion dong; selling expenses increased by 187% to 1,048 billion dong; and administrative expenses increased by 23% to 482 billion dong.
As a consequence, after 12 straight quarters of losses, Vietnam Airlines earned VND 19.3 billion in pre-tax profit in the first quarter. However, after-tax profit is still negative 37.3 billion dongs.
The above result, according to the company’s explanation, is mostly attributable to the efficient exploitation of the Lunar New Year, the recovery of the worldwide market, particularly China gradually easing the disease control policy. Seat usage is high in areas such as the United States, Europe, and Australia. Vietnam Airlines had to increase the load at peak periods to serve passengers.
Since April 25, HVN stock has been under warning. The reason is that Vietnam Airlines is more than 15 days late in submitting the audited financial statements for 2022, in the case of securities that have been warned in accordance with requirements.
In this regard, the company stated that it has come to the completion of the reconciliation and debt confirmation procedures with the supplier.