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VietJet Air's third-quarter profit up 12%

VietJet Air boosted operating profit 12% in the third quarter, to D1.91 trillion ($90.4 million), as revenue and passenger numbers rose.

Consolidated revenue was up 6.8% at D13.6 trillion, the Vietnamese low-cost carrier has reported. Net profit edged up 1% to D1.7 trillion.

On a nine-month basis, VietJet's operating profit grew 8.2% to D4.18 trillion. Revenue was up 12.4% at D38.1 trillion. Despite the higher profit and revenue, net profit was flat at D3.68 trillion.

Cash and cash equivalents at 30 September amounted to D3.17 trillion, down from the D4.89 trillion on the same date last year.

In an investor presentation, VietJet statistics show that nine-month passenger numbers were up 11.8% at 19 million. Despite the increase in the number of routes operated, to 127, the airline was able to maintain its load factor at 88%.

As of 30 September 2019, VietJet operated 67 Airbus narrowbodies.

It is also forecasting to end the year with 77 aircraft, and to have transported 27 million passengers across 2019. It is unclear if this number includes Thai VietJet Air, in which the Vietnamese budget carrier holds a 9% stake.

In September 2018, VietJet signed a purchase option agreement with Quince Investment and Asia Aero Services & Infrastructure to increase ownership in Thai Vietjet Air to 38% by 2021.

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