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VIETNAM AIRLINES JSC

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Three banks pledge interest-free loans to prop up Vietnam Airlines

06/21/2021 | 04:05am EDT
FILE PHOTO: A Vietnam Airlines Aribus A321 prepares to  land at Noi Bai international airport in Hanoi

HANOI, June 21 (Reuters) - Three Vietnamese banks have pledged to lend 4 trillion dong ($173.8 million) to Vietnam Airlines to help the troubled flag carrier weather the impact of the pandemic and avoid bankruptcy, state media reported on Monday.

Vietnam Maritime Commercial Joint Stock Bank, Saigon - Hanoi Commercial Joint Stock Bank and SeABank would make the interest-free loans this month and early next month, the Lao Dong newspaper cited the central bank as saying.

Vietnam Airlines did not immediately respond to a request for comment.

The report said a plan for Vietnam Airlines to issue new shares to its existing shareholders to raise funds would be ready by year-end.

The airline, which is 86% owned by the government, reported a net loss of 4.97 trillion dong in the first quarter.

State media last week cited the Ministry of Planning and Investment as saying the airline would likely make a net loss of 10 trillion dong in the first half of this year and was on the brink of bankruptcy.

Vietnam Airlines earlier this month said it would sell 11 Airbus A321 aircraft through an auction. ($1 = 23,015 dong) (Reporting by Khanh Vu; Editing by Martin Petty and Ed Davies)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -0.07% 114.8 Real-time Quote.27.96%
SAIGON - HANOI COMMERCIAL JOINT STOCK BANK 1.95% 26100 End-of-day quote.68.88%
SOUTHEAST ASIA COMMERCIAL JOINT STOCK BANK 0.00% 35750 End-of-day quote.0.00%
VIETNAM AIRLINES JSC -4.85% 25500 End-of-day quote.-9.89%
VIETNAM MARITIME COMMERCIAL JOINT STOCK BANK 0.35% 28650 End-of-day quote.52.39%
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Financials
Sales 2021 60 100 B 2 644 M 2 644 M
Net income 2021 -12 406 500 M -546 M -546 M
Net Debt 2021 - - -
P/E ratio 2021 -3,01x
Yield 2021 -
Capitalization 36 166 B 1 586 M 1 591 M
Capi. / Sales 2021 0,60x
Capi. / Sales 2022 -
Nbr of Employees 19 690
Free-Float 3,16%
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Technical analysis trends VIETNAM AIRLINES JSC
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Mean consensus UNDERPERFORM
Number of Analysts 1
Last Close Price 25 500,00 VND
Average target price 17 600,00 VND
Spread / Average Target -31,0%
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Managers and Directors
Thanh Tri Duong Chief Executive Officer & Director
Hien Thanh Tran Chief Accountant & Head-Finance Division
Minh Ngoc Pham Chairman
Minh Xuan Nguyen Director
Hung Manh Ta Director