VJC released Q1 2020 results with revenue dropping 47% YoY to VND7.2tn (USD310mn) as well as loss of VND989bn (USD43mn) vs VND1.5tn (VND63mn) and VND4.2tn (USD182mn) of net profit (NPAT-MI) in Q1 2019 and 2019FY, respectively. We mainly attribute the fall in VJC’s top line to (1) a 29.6% YoY plunge in transportation revenue, including passenger transportation and ancillary revenue, and (2) no aircraft sales related revenue, including sales and lease back (SALB) and right of first refusal (ROFR)