The Airports Corporation of Vietnam (ACV) has reported a net loss of $15.46 million USD in the second quarter of this year, the ACV’s first quarterly loss since 2016.
The consolidated financial statements of the state-owned company, which operates 21 airports, show revenues of $45.3 million USD for the period, a decline 76.6% compared to the same period in 2019.
With the Covid-19 pandemic hitting the aviation industry hard, ACV said it cut expenses such as cost of goods sold, cost of sales and other operating and management costs, but still was not able to offset the sharp drop in revenues.
ACV had made a consolidated post-tax profit of $73 million USD in the second quarter of 2019, while in the first quarter of this year its revenues had declined to $66 million USD.
Based upon Vietnam’s continuing battle with the Covid-19 pandemic and the continued decline in airline flights and passenger revenues, ACV is expecting passenger numbers for 2020 to decline by 41% to 69.2 million people, while cargo volumes are expected to decline 13% to 1.3 million tons.
ACV said in its financial report that it will continue with plans to prioritize the construction of a second terminal at Phu Bai International Airport in the central province of Thua Thien-Hue and a third terminal at Tan Son Nhat International Airport in Ho Chi Minh City during the 2020 ~ 2022 period.