Vietjet, the Vietnamese low-cost carrier nearly quadrupled its 2018 profit for the first-quarter. The carrier announced being comfortably ahead of financial targets for the year to date.
The airline reported a yearly increase of 263 per cent with net profit of VND1.4 trillion (US $60 million). During the period, the company’s revenue stood at VNĐ12.56 trillion, up 146 per cent year-on-year, fuelled by the growth in passenger air transport, ancillary and sale as well as leaseback revenue.
Vietjet said its first-quarter revenue and pre-tax profit were more than 25 per cent ahead of its goals.
The company’s air transport revenue increased 52 per cent YOY to just over VND6 trillion, 10 per cent higher than Vietjet’s target for the first quarter. The carrier attributed this to fleet expansion and the opening of new international routes. Ancillary revenue was up by 64 per cent YOY.
From January to March this year, Vietjet operated 28,830 safe flights with a technical reliability of 99.7 per cent. The airline’s on-time performance in the first quarter stood at 83.4 per cent.
Recently, Vietjet announced its plans to open international routes to India and Australia in line with the international flight network expansion strategy after achieving full coverage in the domestic airspace.