Vietnam Airlines had better net revenue in Q1. — Photo courtesy of the airline The national flag carrier Vietnam Airlines announced net revenue of VND11.6 trillion (US$504.3 million) in Q1, strong growth compared to the same period last year. The airline's revenue recovered, but its equity was still VND2.16 trillion as of March 31, 2022 In the revenue structure, domestic transportation revenue grew by 96.5 per cent and international transportation increased by 71 per cent. According to the financial report, the net revenue increased by 56 per cent over the same period last year, but Vietnam Airlines still suffered a gross loss of nearly VND1.6 trillion. Compared to the same period, gross losses decreased by 47 per cent. This year, the firm had a further income of VND121 billion dong from the liquidation of aircraft and the sale and leaseback of aircraft engines. Deducting expenses, Vietnam Airlines' net loss from business activities was VND2.7 trillion, the pre-tax loss … [Read more...] about Vietnam Airlines revenue recovers in Q1
Tax revenue
SCIC posts lower profits due to affiliated company losses
Passengers board a Vietnam Airlines jet. The airline's loss has contributed to the contraction of SCIC's consolidated profit in 2021. — Photo nld.com.vn The State Capital Investment Corporation (SCIC) has recently published its financial report for 2021, announcing consolidated revenue of around VND10.1 trillion (US$438 million), 50 per cent higher than the figure for 2020. Of the amount, VND4.3 trillion came from dividends and distributed profits, VND1.9 trillion from capital sales and VND1.4 trillion from banking deposit and bond interests. The returned provision for devaluation in investments also contributed VND3.4 trillion to the figure. Despite high revenue, SCIC earned a consolidated after-tax profit of just VND3.6 trillion last year, a 10-year low, due to losses from its affiliated companies. Notably, SCIC held 31.14 per cent ownership of the national flag carrier Vietnam Airlines. By late Q3/2021, Vietnam Airlines equity fell to about VND1.5 trillion, leading to a … [Read more...] about SCIC posts lower profits due to affiliated company losses
High inflationary pressure put GDP 6.5% growth target at risk: Gov’t
The Government is committed to taking timely measures to ensure macroeconomic stability. The high inflationary pressure amid the recovery of domestic demand is putting Vietnam’s GDP growth target of 6-6.5% for this year at risk. Overview of the session. Source: quochoi.vn Deputy Prime Minister Le Van Thanh gave the remarks at the third session of the 15 th National Assembly held today [May 23]. According to Thanh, the Vietnamese economy has been on a positive recovery track in the first months of 2022 under the new normal. Total budget revenue for the first four months grew by 15.4% year-on-year to VND657.4 trillion ($28.4 billion), while the consumer price index (CPI) expanded by 2.64%, the lowest four-month period growth in the past five years. As of mid-May, credit growth stood at 7.2% against late 2021 and up 17% year-on-year, which showcases the recovery of economic activities, along with greater efforts from the Government to restore discipline … [Read more...] about High inflationary pressure put GDP 6.5% growth target at risk: Gov’t
Fertiliser industry’s gross profit margin may decrease after peaking in Q1
Inside a factory of PetroVietnam Ca Mau Fertiliser JSC (DCM). DCM's net revenue reached VND4.07 trillion in Q1, 2 times higher than the same period last year. — VNA/VNS Photo Huynh Anh The fertiliser industry's gross profit margin may decrease after peaking in the first quarter of 2022, but the fertiliser sector still sees positive prospects in the near future, thanks to export growth. According to KIS Vietnam Securities Joint Stock Company (KIS), the revenue of the fertiliser industry in the first quarter of 2022 reached VND30.93 trillion (US$1.3 billion), up 71.2 per cent over the same period last year, while profit after tax reached VND6.8 trillion, 7.9 times higher than the previous year. Leaders in the growth of profit after tax in the first quarter of 2022 are Petrovietnam Fertiliser & Chemicals Corporation (DPM) and PetroVietnam Ca Mau Fertiliser JSC (DCM). Petrovietnam Fertiliser & Chemicals Corporation (DPM) reported a profit after tax of VND2.12 trillion, up … [Read more...] about Fertiliser industry’s gross profit margin may decrease after peaking in Q1