24-Jul-2021 Intellasia |
Noi Bai Catering Services Joint Stock Company reported a pre-tax loss of VND24.2 billion for the second quarter, the fifth consecutive quarter it has been in the red.
The country’s leading air caterer, which supplies inflight meals to Vietnam Airlines and many other local and foreign carriers, lost VND43.6 billion in the first half, according to its financial statements.
Its revenues in the second quarter were VND32.4 billion, almost unchanged from the same period last year, while costs rose by nearly VND7 billion to VND48 billion.
The company expects to serve some five million meals this year, earn revenues of VND211 billion and make a loss of around VND79 billion.
Due to the pandemic, it served a mere 4.6 million meals last year, down 42.5 percent from 2019, and saw revenues fall nearly 60 percent to VND275.2 billion.
To survive the pandemic, it has recently developed new sales channels targeting non-airline customers. It has signed up distributors and agents to sell its breads, cakes and convenience foods to retail stores and restaurants.
It also sells milk tea to some retail stores in Hanoi.
It targets increasing the ration of non-aviation revenues this year to around 20 percent from 5 percent last year.
It plans to sell more food on the ground and expand both direct and indirect distribution channels in the next five years.
Article source: https://www.intellasia.net/vietnams-leading-air-caterer-suffers-losses-for-5th-straight-quarter-937451