Vietravel returns to profitability after 2 years in the red

By Anh Tu   February 1, 2023 | 03:49 pm PT
Vietravel returns to profitability after 2 years in the red
A Vietravel Airlines aircraft. Photo courtesy of Vietravel Airlines
Tourism company Vietravel was back in the black in 2022 with pre-tax profits of VND121 billion (US$5.1 million) after racking up losses for two years amid Covid.

It reported revenues of more than VND3.8 trillion in 2022, VND1 trillion higher than the combined revenues of 2020 and 2021 when it incurred losses of VND400 billion.

In the last quarter revenues were up six times year-on-year at VND1.1 trillion, thanks to the recovery in tourism post-pandemic.

Accumulated losses have decreased to VND67.3 billion. Its equity, which had turned negative, is again positive and at some VND128 billion.

The Hanoi Stock Exchange had restricted trading in the Vietravel stock on the UPCoM market to Fridays since September due to the negative equity.

As of June 30 last year, its equity had been a negative VND104 billion.

Late last year Vietravel Holdings sold 1.78 million shares of Vietravel, or a 10.3% stake, to investment fund VinaCapital.

Its Vietravel Airlines began a daily Hanoi-Bangkok service last December and plans to launch HCMC-Bangkok services in early February.

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