Vietravel loses $4.7 million in first quarter of 2022

HÀ NỘI In its latest financial statement, Vietnam Travel and Marketing Transports JSC (Vietravel) posted net revenue of VNĐ215 billion (US$9.4 million) in the first quarter of 2022, down 22 per cent year-onyear.

But its revenue structure saw a significant change as revenues from selling airline tickets fell sharply from VNĐ70.6 billion in the same period of last year to VNĐ2.6 billion, while revenues from tourism services increased strongly to VNĐ196 billion from VNĐ72 billion. During the period, the company's financial income also declined by more than 98.6 per cent on-year to VNĐ225 million from VNĐ16.6 billion.

Meanwhile, other expenses all dropped dramatically, with financial expenses down 27 per cent, and selling and general administration expenses fell by 81.5 per cent and 51.6 per cent, respectively.

The loss of VNĐ60 billion in affiliated activities was the main cause of the loss of VNĐ108 billion in the first quarter of 2022. After losing for four consecutive quarters, the company posted a profit of VNĐ228 billion in the last quarter of 2021.

This year, Vietravel set a revenue target of more than VNĐ3.5 trillion and a profit before tax of VNĐ5.8 billion. As of March 31, Vietravel's undistributed profit after tax was negative VNĐ293 billion. Its equity was negative VNĐ100 billion, while at the beginning of the period it was still positive VNĐ8 billion.

The loss in affiliated activities during the period came from Vietravel Airlines. Before December 15, 2021, Vietravel sold 55.58 per cent of Vietravel Airlines' charter capital for VNĐ867 billion.