Economy
Exchange rate fluctuations bring huge profits to many banks
1.
|
| A Vietnam Airlines flight. The corporation suffered quarterly losses of VNĐ4.03 trillion ($172.72 million), raising the total losses in the first half of the year to more than VNĐ6.64 trillion. — Photo courtesy of Vietnam Airlines |
HÀ NỘI — The COVID-19 pandemic has severely dragged down revenues of the Vietnam Airlines Corporation (Vietnam Airlines) and the Airports Corporation of Vietnam (ACV) in the second quarter of this year.
Vietnam Airlines reported VNĐ6 trillion (US$257.1 million) in second-quarter revenue, down nearly 70 per cent from the previous quarter, as a result of a month-long social distancing order in April and the ongoing suspension of international flights.
The corporation suffered quarterly losses of VNĐ4.03 trillion ($172.72 million), raising the total losses in the first half of the year to more than VNĐ6.64 trillion.
In mid-July, the State-run firm estimated its revenue would halve to around VNĐ50 trillion and losses would mount to VNĐ13 trillion this year.
Vietnam Airlines is seeking an urgent bailout of VNĐ12 trillion from the government to help it overcome difficulties.
By the end of the second quarter, its assets totalled VNĐ66.69 trillion, a decline of 12.7 per cent from the beginning of the year and its equity shrunk by more than 38 per cent to close to VNĐ11.43 trillion.
Meanwhile, ACV recorded post-tax losses of over VNĐ365 billion from April to June as its revenues plunged VNĐ76.6 per cent from the same period last year to over VNĐ1.04 trillion.
A year earlier, the company enjoyed about VNĐ1.7 trillion in profit.
The second-quarter losses have been offset by VNĐ1.55 trillion in first-quarter post-tax profit before the coronavirus hit the aviation industry. In the first half of 2020, the airport operator posted more than VNĐ1.19 trillion in post-tax profit.
ACV projected that the number of air passengers would fall by 41 per cent year-on-year to 69.2 million in 2020 while the volume of cargo going through 21 airports across Việt Nam would fall 13 per cent to 1.34 million tonnes. — VNS
