Profit from aviation services plunges by 99.6 percent

The Airports Corporation of Vietnam (ACV) on April 9 announced that it still earned a profit of nearly VND1.9 trillion in the first quarter of this year. However, the profit mainly came from its deposit interest rates, instead of its business performance.
According to ACV, Vietnam’s air transportation services market has continuously dropped since the beginning of this year due to the impacts of the Covid-19 pandemic. In March alone, the number of passengers through airports merely reached 5.7 million people, down 42 percent compared to the same period last year.

Of which, domestic passengers were 4.7 million people, down 25 percent, and international passengers touched 1 million people, down 71 percent. The figures have been continuing to decline in April and it is unknown how long the downward trend will last as several international flights are suspended and authorities continue to limit domestic flights. The record-low number of passengers through airports dragged the ACV’s profit from services to merely VND33.9 billion, a decrease of 99.6 percent compared to its plan. Dividend revenues from its subsidiaries, joint venture, and associate companies all fell by more than 95 percent.

By Minh Duy – Translated by Thuy Doan

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