COVID-19 costs Vietnam Airlines over 11 trillion VND

Vietnam Airlines operated about 96,500 flights last year, down 48 percent year-on-year due to COVID-19 (Photo: VNA)

Hanoi (VNA) - Vietnam Airlines lost 11,098 billion VND (over 481 million USD) in 2020 due to the impact of the COVID-19 pandemic, according to its recently-released financial report.

Net revenue reached 8,202 billion VND in the last quarter of 2020, just one-third of the figure in the fourth quarter of 2019. Pre-tax profit was minus 377 billion VND compared to 97 billion in the same period last year.

The national flag carrier earned nearly 40,613 billion VND in net revenue in 2020, down 59 percent year-on-year.

This loss, however, was lower than the estimate of 14,445 billion VND its leaders announced at an extraordinary meeting of shareholders on January 29, 2020.

As of the end of December, its total assets were valued at 62,967 billion VND, a fall of 17.6 percent since the beginning of the year.

In order to support the carrier amid the pandemic, the National Assembly adopted a support package of 12 trillion VND in November. 

Figures show that Vietnam Airlines operated about 96,500 flights last year, down 48 percent year-on-year due to COVID-19, carrying 14.23 million passengers and 195,000 tonnes of cargo, declines of 51 percent and 47 percent, respectively.

The carrier said it will focus on recovering business and operations during the 2021-2025 period, while rolling out a restructuring plan to improve operational efficiency.

It will also divest part or all of its investment in certain businesses in the field of aviation transport posting good performance./.