Bamboo Airways reports $13 million profit after one year of operation

The private airline which will have its shares listed on the Ho Chi Minh Stock Exchange this second quarter expects 2020 pretax profit at $44.4 million, a three times higher than last year’s achievement, according to the carrier’s CEO Dang Tat Thang.

In December 2019, Bamboo Airways said it planned to make an initial public offering on a Vietnamese stock exchange code with an expected price of $2.6 each share to raise $100 million. The company expects market capitalization of $1 billion after the listing.

It is looking for strategic investors from US, Japan and Europe to buy shares at $6.9 each share as part of its upcoming IPO.

As of end-2019, Bamboo Airways, which is operating 34 domestic and international routes, made nearly 20,000 flights, transporting approximately 3 million passengers.

It received a Boeing Dreamliner 787-9 aircraft in December, becoming the first private airline in Vietnam to operate wide-body aircraft.

The private air carrier of businessman Trinh Van Quyet plans to hold 30% of the domestic aviation market share in 2020 while expanding its network to 85 routes, including 60 domestic routes and 25 international routes.

It has taken the market share of national flag carrier Vietnam Airlines and budget carrier Vietjet Air.