ACV – Strong volume growth drove impressive operating results in Q4 FY25
• In Q4-FY25, ACV’s revenue maintained double-digit growth, reaching VND 5,960 bn (+18% YoY), driven by continued strong growth in both international and domestic passenger traffic. International and domestic passenger volumes were estimated at 13 million (+18% YoY) and 18 million (+15% YoY), respectively.• The shift in passenger mix from 38%/62% (international/domestic) in Q3 to 41%/59% in Q4-FY25 lifted the average aviation service fee to VND 155,400 per passenger (+5% QoQ and +3% YoY). Passenger service fees are regulated under Decision No. 2345/QĐ-BGTVT of the Ministry of Construction, with international passenger service fees set at approximately six times the domestic level. Therefore, the increase in the share of international passengers contributed to a higher blended average price.
• Financial income recorded unrealized FX gains of VND 459 bn (-29% YoY), corresponding to a 5% depreciation of the JPY against the VND compared to the previous quarter. This was the key factor that constrained ACV’s net profit growth, with NPAT-MI reaching VND 3,156 bn (+7% YoY).
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