Vietjet swings to after-tax loss of VND2.1t for 2022

Vietnam low-cost carrier Vietjet swung to an after-tax loss of D2.1t ($89.6m) in its 2022 financial year, compared with an after tax profit of D122b a year earlier. Revenue for the year rose threefold to VND39t on the back of the country’s recovery from the Coronavirus pandemic, according to a stock exchange filing. As for its Q4, after tax losses widened to VND2.4t from an after tax loss of VND93b a year earlier, although quarterly revenues quadrupled to VND11.8t. During 2022, Vietjet carried 20.5m passengers aboard 116,000 flights, with domestic passenger traffic 20% higher than in 2019, before the emergence of the coronavirus impact. The carrier also continues to expand its international network with a focus on adding Indian destinations, as well as Australia and Kazakhstan. It notes, however, that high fuel costs have been a challenge, as well as the supply chain issues affecting the industry. For 2023, it aims to keep expanding its international network, and specifies the reopening of China as an opportunity.<br/>