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Vietjet currently operates 82 routes in Vietnam and across the region amid plans for further international expansion Vietjet currently operates 82 routes in Vietnam and across the region amid plans for further international expansion

Vietjet Reports Significant Q1 Growth

Vietjet released its consolidated financial statement for the first quarter (Q1) of 2018 to show significant growth it described as exceeding expectations.

Profit before tax stood at VND1,480 billion (USD65 million), a 254 percent increase compared to Q1 2017.

After-tax profit for the parent company’s shareholders stood at VND1,366 billion (USD60 million), a 263 percent increase on the same period in 2017.

The airline’s revenue stood at VND12,560 billion (USD552 million), a year-on-year increase of 146 percent that was attributed to growth in passenger transport, ancillary service, sales and leaseback revenue.

The airline’s fleet expansion, coupled with the opening of new international routes, raised its transport revenue to VND6,035 billion (USD265 million), an increase of 52 percent over the same period in 2017, and 10 percent higher than the company’s target. Vietjet’s core business profit was increased to nearly VND737 billion (USD32 million), a 74 percent jump over the 2017 figure.

Ancillary revenue also increased to VND1,825 billion (USD80 million), a rise of 64 percent year-on-year.

The positive results in revenue growth contributed significantly to the company’s gross profit of VND1,810 billion (USD79 million), a 135 percent increase year-on-year.