Airport developer ACV profit up 87% to $70 mln in Q1

The state-run Airports Corporation of Vietnam (ACV) reported an after-tax profit of VND1.64 trillion ($70 million) in the first quarter this year, up 87% year-on-year thanks to recovery of the air transport market.

ACV, in which the state holds a 95.4% stake, operates 22 airports across the country.

The airport operator earned net revenue of VND4.73 trillion ($201.6 million) in the quarter, up 2.2 times, according to its Q1 consolidated financial statement.

Notably, ACV's joint ventures and associates recorded a profit of VND51.7 billion ($2.2 million), up 2.6 times.

As of March 31, 2022, ACV's total assets had reached VND59.99 trillion ($2.56 billion), up 0.2% compared to the beginning of the year. Of which, short-term debt hit VND3.41 trillion ($145.2 million), down 37%.

On the unlisted public company market UPCoM, the ACV share price stood at VND77,000 ($3.28) per unit at Friday's close.

In 2023, ACV aims to serve 116 million passengers, up 18% compared to 2022. Total cargo volume is expected to reach 1.6 million tons, an increase of 18%. The total volume of landings and take-offs might reach 768,000, up 17%.

The corporation seeks to reap revenues of VND18.41 trillion ($778.91 million) next year, up 20% year-on-year, and pre-tax profits of VND8.45 trillion ($357.9 million), up 11%.

ACV said it will focus on implementing key projects like the Long Thanh Phase 1, T3 passenger terminal at Tan Son Nhat International Airport, construction of Dien Bien Airport, expansion of T2 at Noi Bai Internatioknal Airport, and construction of Cat Bi terminal T2.