ACV - Q1-2024 Core Profit Doubled on Robust International Passengers Growth and Reduced Provisioning Expenses
- Despite flat total passenger traffic compared to the same period, ACV's aviation service revenue recorded a 20% YoY growth due to the strong international passenger volume growth (+48% YoY), resulting in a 19% YoY growth in consolidated revenue.
- ACV recorded a profit of VND 100 billion from the exchange rate gain due to the slight depreciation of JPY during the period, while in the same period of 2023, the exchange rate loss was VND 770 billion.
- Due to ACV having fully provisioned bad debts from Bamboo Airways, Pacific Airlines, and Vietravel Airlines in the previous quarter, the provision expenses for doubtful receivables significantly decreased in this quarter to VND 175 billion (-85% QoQ and -35% YoY).
- Consolidated NPAT increased by 79% YoY, reaching VND 2.9 trillion. Excluding profit from bay management, ACV's NPAT doubled to VND 2.6 trillion.
- With Q1-2024 financial results exceeding expectations, the current target price is VND 96,200 and the 2024F forecast are under review.
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