Vietjet plans to issue shares in the first quarter of 2017 to increase its chartered capital to VND3.223 trillion and supplement the company’s working capital.

Vietjet said in a prospectus sent to the Hochiminh Stock Exchange that its chartered capital had been adjusted up six times to VND3 trillion from VND600 billion since the company was established in 2007.

As of December 31 last year, Vietjet had operated short- and medium-haul flights on 37 domestic and 23 international routes as well as conducted multiple chartered flights. The no-frills carrier looks to fly on 45 domestic routes in 2019 and 36 international ones in 2018, with key routes linking Vietnam with Thailand, Myanmar, Taiwan, China, Singapore and South Korea.

Vietjet posted last year’s revenue of more than VND27.53 trillion and had its passenger transport revenue up a staggering 40.6% year-on-year to exceed VND12 trillion. The airline was the second largest carrier in Vietnam after national flag carrier Vietnam Airlines in terms of market share in 2016.

Vietjet targets over VND42 trillion in revenue this year, leaping 49% over 2016, and after-tax profit of more than VND3.39 trillion, a year-on-year increase of 64%. The carrier plans to expand its fleet from 41 to 78 aircraft by the end of 2019.

Source: thesaigontimes.vn