The consolidated financial statements for the third quarter of 2022 of FLC Group Joint Stock Company (share code FLC) states that as of September 30, 2022, the investment in Tre Viet Aviation Joint Stock Company (Bamboo Airways, BAV) at the price of the original 4.015 billion dong suffers a loss of 1.269 billion dong.
Previously, FLC’s financial statements for 2021, Q1 2022 and Q2 2022 stated that FLC’s accumulated losses from its investment in Bamboo Airways at the end of the period are VND 501 billion, VND 651 billion and VND 955 billion, respectively. VND amounted to.
For example, the losses Bamboo Airways “created” for FLC in the first, second and third quarters of 2022 reached VND 150 billion, VND 303 billion and VND 314 billion, respectively. FLC owns 21.7% of Bamboo Airways’ equity and thus Bamboo Airways lost VND 692 billion, VND 1,398 billion and VND 1,447 billion in the first 3 quarters of 2022, respectively.
For example, Bamboo Airways estimated a loss of 3.537 billion dong in the 9 months of 2022. This loss is much greater than the loss of nearly 2,300 billion dong from the entire year 2021.
The consolidation of Bamboo Airways’ operating results also resulted in a fairly large loss for FLC. This company lost 787 billion VND in the third quarter and 1,888 billion VND in 9 months.
Following the arrest of Mr. Trinh Van Quyet, all matters related to FLC were disrupted with Bamboo Airways’ Extraordinary General Meeting of Shareholders electing a new leadership on August 13, 2022. Mr. Nguyen Ngoc Trong holds the position of Chairman of the Board of Bamboo Airways. This is a leader who has worked at Bamboo Airways since its inception, and is also Bamboo Airways’ first Deputy General Manager since 2018.
Mr. Doan Huu Doan is the permanent Vice-Chairman of the Board, Mr. Le Ba Nguyen – the brother-in-law of Mr. Trinh Van Quyet is the Vice-Chairman of the Board. Entrepreneur Duong Cong Minh is the company’s senior advisor to the board of directors. Mr. Nguyen Manh Quan holds the position of General Manager of Bamboo Airways, the permanent Deputy General Manager is Mr. Doan Huu Doan.
When Mr. Dang Tat Thang – former general manager of Bamboo Airways left here, he revealed about the transfer of the airline to a new investor. The restructuring will separate the operations of FLC and Bamboo Airways.
Most recently, in early October, Bamboo Airways informed its partners that Bamboo Airways branch in Ho Chi Minh City will move its office from the FLC building on Ly Chinh Thang Street (District 3) to the 4th floor of the Nova College building in Hong Ha Street (Phu Nhuan district). Earlier, on August 25, at Novaland Gallery 2bis Nguyen Thi Minh Khai, District 1, Novaland signed a strategic cooperation agreement with Bamboo Airways
Having been in business for over 2 years, Bamboo Airways currently operates a fleet of nearly 30 aircraft with a variety of aircraft types. Bamboo Airways’ domestic flight network connects 21/22 domestic airports, 12 international routes with connections to Asia, Australia and Europe. The airline aims to expand its fleet to 35 aircraft by the end of this year, 42 in 2023 and 100 in 2028.
Source: CafeF
