The airline recorded revenues tripling to VND12.01 trillion last year, according to the company’s financial disclosure.

Despite its high revenues, business administration expenses increased nearly 80 times from more than VND158 billion in 2021 to nearly VND12.75 trillion last year as the carrier made provisions for short-term and long-term bad debts.

As of last year, Bamboo Airways’ equity was negative VND835 billion.

The five directors of Bamboo Airways have asked to resign, and the airline will select a new board of seven directors at the upcoming general meeting.

Bamboo Airways is set to select a new board of directors for the 2023-2028 period on June 21.

Other airlines also posted accumulated losses last year. Vietnam Airlines lost VND2.64 trillion while Vietjet posted accumulated losses of VND1.99 trillion.