Vietjet posts profits of USD131 million for the first 9 months of 2017

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Vietjet Aviation Joint Stock Company (HOSE stock code: VJC) has just announced its preliminary business results for the first nine months of 2017, with a profit reaching VND2,982 billion (USD131 million).

And for the third quarter of 2017, Vietjet’s revenue and profit increased significantly compared with the same period last year and exceeded its plan. The profit increase is attributed to the expansion of new routes and operation improvements of existing routes. Specifically, air transport revenue reached VND6,142 billion (USD270 million), an increase of 34.4% compared with the same period of 2016. Pre-tax profit stands at VND1,054 billion (USD46 million), an increase of 35.1% year on year. The total profit for the first 9 month reached VND2,982 billion (USD131 million).

Up to September 30, 2017, Vietjet’s total assets stood at VND26,289 billion (nearly USD1.2 billion), an increase of 57.39% year on year. For the first 9 months of this year, the airline took delivery of 5 additional airplanes and commenced 13 new routes, increasing the total number of routes to 73 with 38 domestic and 35 international routes. The OTP for the 9 months was 85.4%.

In the fourth quarter, Vietjet is expected to open 6 new routes, increasing the total number of new routes this year to 19.

Based on the current business results, Vietjet estimated that its pre-tax profit in 2017 could exceed by 10% against its budgeted plan, which was approved at the annual shareholder meeting earlier this year.