AsemconnectVietnam - Vietnam National Airlines Corporation (Vietnam Airlines, stock code HVN - HOSE) has just announced business results for the second quarter of 2023 with revenue growth but still no profit after tax.

In the consolidated financial statements of the second quarter of 2023, Vietnam Airlines achieved total revenue from sales and service provision of VND20,696 billion, up 12.3% compared to the second quarter of 2022.
This is also the 7th consecutive quarter that Vietnam Airlines' revenue has grown over the same period last year, reflecting the recovery trend of the aviation market after the pandemic as well as the Corporation's efforts to improve business results.
After deducting cost of goods, Vietnam Airlines recorded a gross profit of VND929 billion in the second quarter of 2023. This is also the second consecutive quarter of Vietnam Airlines with positive gross profit.
Profit before and after tax in the second quarter of 2023 of the Corporation continued to record negative VND1,217.75 billion and negative VND1,294.65 billion, while the same period lost VND2,480 billion and VND2,551.5 billion, respectively.
In the last quarter of the second quarter, Vietnam Airlines recorded growth in revenue and positive gross profit, but due to seasonality as well as financial risk factors and input costs such as fuel prices, exchange rates, interest rates, etc. … is high, so the Corporation has not made profit after tax.
At parent company Vietnam Airlines, in the second quarter of 2023, revenue grew by 21.3% mainly due to service provision revenue (up 23.5%), of which international revenue increased strongly thanks to the regional market. Europe, Australia and America recovered well. The growth rate of revenue increased faster than the growth rate of total expenses, so the gross profit of parent company Vietnam Airlines reached VND558 billion and a loss after tax of more than VND1,183.5 billion, while the same period last year suffered a loss of VND2,214,8 billion.
Due to the gradual recovery of the transport market over the past time and the Corporation actively deploying a series of short-term and long-term solutions such as flexibly operating the transport supply, minimizing costs, negotiating discounts, etc. services... so the loss in the second quarter of 2023 was much lower than that of the second quarter of 2022.
In the first half of 2023, a loss of VND1,331 billion
Accumulated in the first 6 months, the Corporation achieved consolidated revenue of more than VND44,000 billion, up 47% over the same period; gross profit reached nearly VND2,900 billion, much better than the gross loss in the first half of last year.
After accounting for all expenses, Vietnam Airlines has a consolidated after-tax loss of VND1,331 billion in the first half of this year, equal to a quarter of the loss of the first 6 months of 2022.
In the first 6 months of the year, Vietnam Airlines Group (including three airlines, Vietnam Airlines, Pacific Airlines and Vasco) transported a total of 11.8 million domestic and international passengers, up 28.2% compared to the first half. 2022 and account for nearly 43% market share of Vietnamese airlines; at the same time carrying more than 100 thousand tons of cargo, accounting for more than 65% of Vietnam's aviation market share. In which, Vietnam Airlines alone transported 9.94 million passengers, up 25.0% and accounting for 36.0% market share.
Currently, Deloitte Vietnam Auditing Company has basically completed most of the audit procedures related to events arising after the cut-off date and before the issuance date of the financial statements in 2022. Deloitte Auditing Company Vietnam and Vietnam Airlines are urgently finalizing to release the audited financial statements for 2022 in the near future.
However, after submitting the audited financial statements for 2022 more than 45 days after the prescribed time limit, HVN shares are currently restricted from trading from July 12, which means they can only be traded in the afternoon session. Closing the trading session on August 1, HVN shares increased 1.94% to 13,150 VND/share, matched volume reached 2.76 million units.
N.Nga
Source: VITIC/Tinnhanhchungkhoan