Vietnam Airlines shares grounded onto restricted list
The Ho Chi Minh Stock Exchange (HoSE) on Wednesday announced it will switch the status of HVN shares in national flag carrier Vietnam Airlines from controlled to restricted trading from July 12, due to the late submission of its 2022 audited financial statement.
On May 8, the HoSE decided to put shares of Vietnam Airlines (HVN) under control from May 12 due to late submission of its 2022 audited financial statements by 30 days.
In Vietnam, a public company must release its audited annual financial statements within 10 days from the date they are signed, but no more than 90 days from the end of the fiscal year. Vietnam Airlines had already missed these deadlines.
On March 29, the airline submitted an application to the State Securities Commission (SSC) and HoSE asking for a postponement. However, the corporation did not specify an intended date for submission.
The carrier cited the large scale of its operations globally, with 27 affiliated units (nine domestic and 18 foreign branches) and 15 large- or medium-scale subsidiaries operating in other fields. It argued that it was restructuring its business operations to overcome the impacts of the pandemic, and needed more time to verify reports and collect data to meet auditing standards.
However, the SSC did not agree, saying the reason was not a natural disaster, fire, pandemic, war or a force majeure.
Vietnam Airlines reported a loss of VND37.3 billion ($1.59 million) in Q1/2023, significantly improved compared to a loss of VND2.69 trillion ($114.45 million) in the same period last year. Its net revenue reached nearly VND23.49 trillion ($1 billion), up 102% year-on-year and its highest quarterly revenue since 2020.
In 2022, the state-owned carrier suffered a net loss of VND10.37 trillion ($442.2 million) although its revenue hit nearly VND71 trillion ($3.03 billion), 2.5 times higher than that of 2021 and equivalent to over 70% of the pre-pandemic level in 2019. However, its 2022 loss was VND3 trillion ($127.9 million), but still lower than that in 2021.
By December 31, 2022, Vietnam Airlines had equity of negative VND10.2 trillion ($425 million).
HVN shares were priced at VND14,250 ($0.6) at Wednesday's close.
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