Covid-19 hammers Vietjet revenue in 2021

Vietnam low-cost carrier Vietjet Air had a challenging 2021, with revenue and gross profit down from 2020. For the 12 months ended 31 December, the carrier’s revenue from sales of goods and provision of services was D13t ($569m), down 27.7% from a year earlier, according to a company stock exchange filing. Vietjet says that the coronavirus pandemic led to “continued setbacks” during 2021, but that Vietnam’s vaccination campaign means the sector showed signs of recovery toward the end of the year. The carrier also suffered a full-year gross loss – revenue minus cost of sales – of D1.95t. Nonetheless, Vietjet was able to report a net operating profit of D178b, largely owing to its financial income quadrupling to D3.9t. It did not break down the financial income figure. On a net basis, the carrier says it generated a net profit after tax of D100b. “Vietjet has worked to optimise the operating cost per flying hour and lower aircraft renting costs throughout the year,” it says.<br/>