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Vietjet’s six-month profit rises 46% year-on-year

Vietjet’s six-month profit rises 46% year-on-year

Friday, July 28, 2017, 11:12 GMT+7

Though locked in a constant struggle against complaints over their service quality, low-cost carrier Vietjet reported a whopping 46 percent growth in profit for the first half of 2017.

Vietjet posted a revenue of VND10,743 billion (roughly US$473 million) in the Jan-Jun period, according to an announcement by the company on Thursday citing unaudited business results.

That number is a 45.1 percent jump from the same period last year, and accounts for 108 percent of the no-frills carrier’s six-month budgeted plan.

Vietjet also reported a pretax profit of VND1,090 billion ($48 million), an increase of 46 percent compared to the first half of 2016.

The airline asserted that it has already achieved 54 percent of its full-year profit target, thanks in part to the five brand-new A321 aircraft and five wet-leased planes put into operation during the six-month period.

Vietjet noted that optimizing operation costs was a significant factor in its revenue boom, claiming to have operated 49,151 flights at a technical reliability rate of 99.55 percent and an on-time performance rate of 85.7 percent during the period. 

Its flights carried an average load factor of 87.7 percent.

Nearly 8.27 million passengers traveled with the no-frills airline in the first half of this year, up 22.4 percent year-on-year.

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