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Vietjet bucks global trend by posting full-year profit
No frills carrier Vietjet has managed to do the near-impossible – it turned a profit in 2020.
It posted a full-year profit of US$3 million after clawing back losses during a relatively successful fourth quarter.
It actually made a net profit of nearly $12 million in the fourth quarter.
Full-year revenue was US$790 million of which about half came from add-on ancillary products.
It makes it one of the very few airlines not in the red and also hasn’t significantly reduced its workforce.
It said it has brought down costs by more than 10% by renegotiating terms with suppliers and optimising fleet operations.
It also received discounts on airport handling fees, tax discounts, and tax-payment extensions.
During the height of lockdowns and travel restrictions, Vietjet managed to keep planes in the air after configuring many for freight operations.
It touted its successful ‘efforts to promote ancillary services to offset decreasing air travel revenue.’
It flew more than 13 million passengers last year.
Written by Ray Montgomery, Asia Editor
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TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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