The Airports Corporation of Vietnam (ACV) posted a record loss of over 856 billion VND (37.3 million USD) in post-tax profit in the third quarter, blaming the poor performance on impacts of the COVID-19 pandemic.
This is the biggest quarterly loss since the firm’s initial public offering in 2016. That compared to the loss of over 356 billion VND in Q2 last year, when airlines had to suspend almost their entire networks.
The net revenue from sales and service provision stood at around 370 billion VND in Q3, down 74.3 percent year on year. The firm suffered from a loss of more than 1 trillion VND in core business activities, according to its consolidated financial statement.
Although its net revenue dropped strongly under COVID-19 impacts, the ACV has still had to carry out policies supporting airlines.
The ACV earned nearly 500 billion VND in profit in the first nine months of 2021, but the sum plunged by three times from 2020.
By September 30, its total asset value had dropped by over 1.5 trillion VND from the start of this year to 55.36 trillion VND.
The corporation looks to gain more than 10.56 trillion VND in revenue and 2.36 trillion VND in pre-tax profit in 2021. However, after nine months, it had fulfilled just almost 36 percent and 26 percent of the respective targets.
Source: Vietnam News Agency