Vietnam Airlines posted a consolidated pre-tax profit of $823,000 on the revenue of $1.01bn in the Q1 of 2023, citing strong travel demand during the Lunar New Year in February, recovery of international market and high load recorded for US, UK and Australia.
The airline recorded its highest revenue since the pandemic outbreak and almost double the revenue recorded in Q1 of 2022. In Q1 of 2022, the airline had reported a loss before tax of almost $111,000.
Vietnam Airlines carried 5.1 million passengers during the quarter, up 63% over the same period in 2022, of which 1.4 million travelled internationally, 11.5 times higher than the same period last year and 60.9% of the same period in 2019.
However, the airline reported an after-tax loss of $1.6 million in the quarter ending March with a debt of $853 million.
“The airline will continue to implement cost cuts as well as solutions to increase revenue, while lower fuel prices and a more favourable USD/VND exchange rate will go a long way to help to improve the financial results,” the airline said in a statement.
Meanwhile the airline has not yet published its consolidated financial statements for 2022 in spite of warning from Vietnam’s market regulator.