Two Vietnamese airlines reported lower profits in the third quarter.

The third quarter after-tax profits of two major airlines this year both decreased compared to the same period last year. One side is trying to pay off its debt, while the other side is increasing its debt to finance its assets.

Since the beginning of the year, aviation businesses have been doing well - Photo: TUAN PHUNG

Profit in the third quarter decreased but the cumulative profit for the first 9 months still increased well

In the third quarter of 2025, Vietnam Airlines Corporation recorded total consolidated net revenue of VND 30,782 billion, an increase of more than 12% over the same period in 2024. Subtracting cost of goods sold, the company's gross profit was VND 3,805 billion, an increase of 30.4%.

However, expenses also increased compared to the previous year. Vietnam Airlines' financial expenses in the third quarter were more than VND888 billion, up 9.4% compared to the same period in 2024.

Selling expenses were VND1,775 billion, up 43.7% compared to the third quarter of 2024. This reduced net operating profit to nearly VND824 billion, down 12.8% compared to last year.

As a result, the national airline reported a profit after tax in the third quarter of 2025 of VND732 billion, down 15% over the same period in 2024.

In the first 9 months, the company achieved VND88,922 billion in net revenue, up 11.5%. Consolidated profit after tax reached VND7,174 billion, up 14.5% over the same period last year. Correspondingly, the airline earns about VND26.3 billion in profit every day.

By the end of the period, Vietnam Airlines' total assets reached VND73,737 billion, an increase of nearly 26.7% compared to the beginning of the fiscal year.

The reason is that this company has increased its short-term assets from 17,338 billion VND to 32,684 billion VND. Of which, cash increased from 4,627 billion VND to 16,304 billion VND. Short-term receivables increased from 7,322 billion VND to 10,591 billion VND, due to an increase in other receivables.

This effort to improve current assets is also in line with accounting standards. At the beginning of the year, the company's current debt was VND57,159 billion. Thus, the difference between current debt and current assets was VND39,821 billion.

As of September 30, 2025, Vietnam Airlines' short-term debt is VND 56,747 billion. Of which, short-term payables are VND 31,806 billion and short-term loans are VND 11,395 billion. The difference between short-term debt and short-term assets is reduced to VND 24,064 billion.

Difference between short-term assets and short-term liabilities as of September 30 over the years of Vietnam Airlines - Chart: NGUYEN NGUYEN

HVN also tried to reduce debt in the third quarter. Short-term loans and financial leases decreased by VND2,916 billion, down nearly 20.4% compared to the beginning of the period. Long-term loans and financial leases decreased by VND1,604 billion, equivalent to a decrease of nearly 26%.

Currently, HVN shares are still under control. The company said that in the third quarter, it successfully issued 897 billion shares, increasing its capital to 8,971 billion VND. In the coming time, the company will continue to improve production and business efficiency, restructure assets and financial investment portfolio to increase income and cash flow.

Vietjet Air profits about 5.9 billion VND per day

Vietjet Aviation Joint Stock Company recorded consolidated net revenue in the third quarter of 2025 reaching VND 16,931 billion, down nearly 7% compared to the same period in 2024. The company's gross profit was VND 2,096 billion, down 17.6% compared to the third quarter of 2024.

Expenses increased and decreased in the third quarter. Financial expenses were VND1,196 billion, up 10.3%. Of which, interest expenses were VND928 billion, up 29.4%. Selling expenses were VND631 billion, down 9.2%. Business management expenses decreased 14.4%.

The company reported a profit after tax in the third quarter of 2025 of VND320 billion, down 43.9% over the same period.

In the first 9 months, the company achieved 52,769 billion VND in net revenue, almost unchanged from last year. Consolidated profit after tax reached 1,614 billion VND, up 14.9%. Each day, the airline earns about 5.9 billion VND in profit.

As of September 30, Vietjet's total assets reached VND115,228 billion, up nearly 16% compared to the beginning of the year. The company significantly increased its long-term assets, from VND60,738 billion to VND75,369 billion. Items with significant increases include long-term unfinished assets, fixed assets and other long-term receivables.

On the capital side, long-term debt increased from VND48,690 billion to VND53,542 billion. Long-term loans and financial leasing debt at the end of the third quarter were VND33,799 billion, an increase of VND3,737 billion compared to the beginning of the year. Of which, loans from bond issuance increased by VND3,000 billion. Owner's equity increased from VND17,119 billion to VND24,411 billion.

Difference between short-term assets and short-term liabilities as of September 30 over the years of Vietjet Air - Chart: NGUYEN NGUYEN

As of September 30, Vietjet's short-term debt was at VND37,274 billion. Short-term loans and financial leasing debts increased from VND12,460 billion to VND19,056 billion. Mostly due to increased short-term loans at HDBank .

Current assets are at 39,860 billion VND, compared to 38,577 billion VND at the beginning of the year. The difference between current assets and current liabilities is about 2,586 billion VND.

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Source: https://tuoitre.vn/hai-hang-hang-khong-viet-bao-lai-giam-trong-quy-3-2025110310381962.htm