Budget carrier Vietjet records loss of $93 mln in 2022
Vietnamese budget airline Vietjet Air reported a loss of VND2,171 billion ($92.58 million) in 2022, while in the same period last year it made profit of VND122 billion ($5.2 million).
The company's revenue reached VND39,342 billion ($1.68 billion), a three-fold year-on-year increase, according to its consolidated Q4 financial statement.
A Vietjet plane. Photo courtesy of Vietnam News Agency.
According to the company, in 2022, in order to increase cash flow to offset core business activities, Vietjet transferred over VND3,559 billion ($151.77 million) to the parent company to increase investment in assets, buying one new A321 NEO aircraft from Airbus and two A321 aircraft from aircraft leasing partners (Lessor), along with three engines.
In 2022, Vietjet carried 20.5 million passengers on 116,000 flights. Domestic passenger transport increased by 20% compared to 2019 and was a key factor leading the recovery.
Vietjet opened more than 20 new routes in 2022, focusing mainly on the Indian market, connecting economic and tourist centers including New Delhi, Mumbai, Hanoi and Ho Chi Minh City. As of December 31, 2022, Vietjet operated a total of 103 routes.
In the fourth quarter of 2022, the low-cost airline recorded a revenue of VND11,807 billion ($503.51 million), up four times year-on-year. The company reported a loss of VND2,358 billion ($100.56 million) in the period, while the same period last year it lost VND93 million ($3,970).
In 2023, Vietjet has set a target of high revenue thanks to the opening of the Chinese market and promoting the exploitation of potential international markets including India, South Korea, Japan, and Australia.
The Vietjet Aviation Joint Stock Company is listed on the Ho Chi Minh Stock Exchange as VJC. It closed trading on Friday at VND112,000 ($4.78).
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