Vietjet’s pre-tax profit hit US$131 million in nine months

Monday, 2017-10-30 05:23:47
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NDO/VNA - Low-cost carrier Vietjet posted a pre-tax profit of more than US$2.98 trillion (US$131 million) in the first nine months of this year, according its preliminary business results which were released last week.

In the third quarter, thanks to the expansion of new routes and operational improvements to existing routes, Vietjet’s revenue and profit increased significantly compared to the same period last year, and exceeded the company’s targets.

Vietjet’s pre-tax profit stood at over VND1 trillion in the third quarter, up 35.1% year-on-year.

As of September 30, Vietjet’s total assets stood at above VND26.28 trillion (US$1.15 billion), surging 57.4% year on year.

During the nine-month period, besides adding five additional airplanes, Vietjet launched 13 new routes, increasing the total number of routes to 73, including 38 domestic routes and 35 international ones. Notably, Vietjet’s on-time performance ratio in the nine-month period was 85.4 percent.

In the fourth quarter, the company is expected to open six new routes, raising the total number of new routes this year to 19.

Based on the current business results, the firm estimated its pre-tax profit in 2017 could exceed the target, approved at the annual shareholder meeting, by 10%.