Vietjet Posts Nearly 7% Profit in 1Q

VJ_planeattendantsVietnamese low-cost carrier (LLC) Vietjet has taken the first step toward meeting its ambitious 2017 financial goals by posting a 6.8% profit improvement for the first quarter. The LCC, which is in its first year as a publicly traded company, managed to boost its first-quarter revenue 44.2% year-over-year to VND 5.1 trillion ($224.2 million). The carrier said this was 10.6% above its target for the period, with international revenue growing particularly fast.
Vietjet recorded a pretax profit of VND432.6 billion and a post-tax profit of VND381.7 billion for the first quarter. Passenger numbers were up 29.4%, and unit costs excluding fuel decreased 4.1%. Load factor was 88%.
In the first quarter, the airline launched three new international routes, lifting its network total to 63 routes. However, the carrier did not take delivery of any new aircraft in this period. Fleet growth is scheduled to resume in the second quarter with new deliveries.