Vietravel posts $3 mln loss in Q1
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Tourism company Vietravel has already posted a loss of VND72.8 billion ($3.15 million) this year, or 81 percent of the loss it suffered in the whole of last year.
Revenues fell nearly 65 percent to VND277 billion as the Covid-19 outbreaks in the first quarter hit travel.
Its accumulated losses as of the end of March were over VND102 billion, or higher than its equity.
The company targets an increase of 411 percent in revenue to VND6.24 trillion this year and a pre-tax profit of VND10 billion.
In the first quarter it spent nearly VND59 billion on its new carrier, Vietravel Airlines, which began operations at the end of last year.
Questions & Answers
Q.What proportion of last year's total loss did Vietravel experience in the first quarter of this year?
What proportion of last year's total loss did Vietravel experience in the first quarter of this year?
Vietravel's first-quarter loss of VND72.8 billion represented 81 percent of the total loss the company incurred throughout the whole of last year. This indicates a significant downturn early in the current financial period.
Q.How much did Vietravel's revenue decline in the first quarter compared to the previous year?
How much did Vietravel's revenue decline in the first quarter compared to the previous year?
Revenues for Vietravel in the first quarter fell by nearly 65 percent, reaching VND277 billion. The company attributed this substantial drop to the impact of Covid-19 outbreaks on travel during that period.
Q.Has Vietravel's accumulated losses exceeded its equity?
Has Vietravel's accumulated losses exceeded its equity?
Yes, as of the end of March, Vietravel's accumulated losses stood at over VND102 billion. This figure is higher than the company's total equity, indicating a challenging financial position.
Q.What are Vietravel's financial targets for the full year?
What are Vietravel's financial targets for the full year?
Vietravel aims to achieve a substantial 411 percent increase in revenue this year, targeting VND6.24 trillion. The company also projects a pre-tax profit of VND10 billion for the full financial year.
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