Vietnam Airlines postpones annual general meeting for 4th time
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Vietnam Airlines has canceled its annual general meeting for a fourth time this year pleading “unfinished” preparations even as it continues to struggle with losses.
The state-owned carrier informed the Ho Chi Minh Stock Exchange Monday that its meeting scheduled for Nov. 22 has been moved to Dec. 16.
The AGM was first scheduled for June 20 but the company has been postponing it repeatedly.
Public companies are required to hold their AGM within four to six months from the end of the financial year.
In the first nine months of this year the company posted a loss of VND3.3 trillion (US$135.34 million) as against VND7.75 trillion in the same period last year.
Its revenues were up 32% to VND68.09 trillion.
Vietnam Airlines’ HVN shares have been restricted to trading in the afternoons only as a penalty for its delay in submitting its financial reports. They have plunged 21% this year to VND10,950.
Questions & Answers
Q.Why has Vietnam Airlines postponed its annual general meeting multiple times this year?
Why has Vietnam Airlines postponed its annual general meeting multiple times this year?
The state-owned carrier has postponed its annual general meeting, pleading 'unfinished' preparations. This marks the fourth time the meeting has been moved this year, having originally been scheduled for June 20.
Q.How do the company's financial results for the first nine months of this year compare to last year?
How do the company's financial results for the first nine months of this year compare to last year?
In the first nine months of this year, Vietnam Airlines reported a loss of VND3.3 trillion. This is an improvement compared to the VND7.75 trillion loss posted in the same period last year.
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