HVN – Brief – [NONRATED] – Debt write-off saved bottom line

In 2Q24, HVN carried 5.8mn passengers (+14% YoY) and reported a VND24.9tn revenue (+20% YoY). NPAT increased to VND1.0tn, however, excluding profits from the debt write-off in 1Q24 and 2Q24, HVN bore a VND330bn loss in 2Q24, which is in line with our forecast of NPAT loss in 2Q24. Airlines have added more seats to accommodate the high season, aircraft liquidation in 3Q24 would also add more to the positive 2H24 outlook.