AsemconnectVietnam - Vietnam Travel and Marketing Transports Joint Stock Company (Vietravel, stock code VTR) has just announced its business results for the third quarter of 2024 with a contrasting picture when revenue increased but profit decreased compared to the same period last year.

In the third quarter of 2024, in the separate financial report of parent company Vietravel, revenue was recorded at more than VND1,989 billion, up 5.5% over the same period last year; profit after tax reached VND16.4 billion, down 52% over the same period last year.
Vietravel said that in 2024, the Company implemented a policy of expanding its network of sales offices and branches nationwide to increase market share and achieved positive results, with revenue in the third quarter of 2024 increasing by 5.56% compared to the same period in 2023.
However, despite the increase in revenue, the Company faced many difficulties that caused the Company's profit to decrease by 52.31% compared to the same period in 2023. Specifically, the cost of goods sold increased by 5.78%, interest expenses increased by 80.14%, partly due to the expiration of the preferential loan interest rate support policy of 2%.
In addition, in the third quarter of 2024, the Company temporarily deducted 20% of corporate income tax payable on pre-tax profit, which also contributed to a 52.31% decrease in after-tax profit compared to the same period in 2023.
In the first 9 months of 2024, parent company Vietravel recorded revenue of VND5,163 billion, up 14.1% over the same period last year, but pre-tax profit decreased by 32.8%, reaching VND44.4 billion and after-tax profit for 9 months decreased by 41.3%, reaching VND35.5 billion.
In the consolidated report for the third quarter of 2024, VTR's revenue reached VND2,030 billion, up 5.7% over the same period last year and after-tax profit reached VND14.4 billion, down 58% over the same period last year.
In the first 9 months of 2024, Vietravel's consolidated revenue reached more than VND5,258 billion (up 13.5% over the same period last year), pre-tax profit reached VND40.4 billion (down 35% over the same period last year) and after-tax profit reached VND31.4 billion (down 44.5% over the same period last year).
In 2024, Vietravel aims to reach VND6,921 billion in revenue and VND68 billion in pre-tax profit. With the results achieved in the first 9 months of 2024, Vietravel has completed 83.5% of the annual revenue plan and 59.4% of the annual profit plan.
As of September 30, 2024, Vietravel had total assets of more than VND2,724 billion, up 16% over the figure at the beginning of the year. Vietravel's current liabilities are over VND2,257 billion, of which the majority are short-term liabilities (VND2,236 billion, accounting for 99% of Vietravel's total outstanding debt).
Vietravel has just made a new move when it decided to stop the operations of three Vietravel representative offices in the North, Central and South due to the reason that there is no longer a need to operate.
N.Nga
Source: VITIC/Tinnhanhchungkhoan