Vietnam Airlines reports USD 655m in consolidated losses

Vietnam News has reported the 2020 business and production plan of Vietnam Airlines noted consolidated losses will not exceed VND 15.27 trillion (USD 655.7 million), the company said.

To offset the decrease on domestic and international routes, the airline has increased cargo transportation.

The airline stated it aims to gradually restore production and business activities with the target of transporting 14.5 million passengers, making consolidated revenue of nearly VNĐ40.6 trillion.

Vietnam Airlines aims to gradually restore production and business activities with the target of transporting 14.5 million passengers, making consolidated revenue of nearly VNĐ40.6 trillion.

The airline announced it will not pay dividends for 2019 to its shareholders to ensure cash flow and financial balance in 2020 and beyond.

The State owns 86% of Vietnam Airlines and in the context of the global aviation crisis, not paying dividends is a prerequisite for Vietnam Airlines to be considered by credit organisations and banks to reduce prices or extend the payment schedule.