Vietnam Airlines, PNJ, Truong Thanh Wood Post Q2 2026 Losses

Overview

Vietnam Airlines (HVN), PNJ, and Truong Thanh Wood (TTF) reported the largest pre-tax losses among Vietnamese listed companies in Q2 2026, with a combined loss of approximately 978 billion VND. Despite revenue growth across all three, rising costs and one-off provisions drove the losses. The results highlight margin compression in the airline, retail, and wood processing sectors.

Key Facts

• Vietnam Airlines (HVN) posted a pre-tax loss of ~441 billion VND in Q2 2026, versus a profit of 3,058 billion VND in Q2 2025.
• HVN’s revenue rose 37% year-on-year to 38,303 billion VND, but fuel price increases pushed costs higher than revenue.
• PNJ recorded a pre-tax loss of 327 billion VND, reversing a 547 billion VND profit a year earlier; revenue grew 12% to 8,484 billion VND.
• PNJ’s loss was driven by a 865.5 billion VND provision related to a diamond buyback event.
• Truong Thanh Wood (TTF) lost ~210 billion VND pre-tax, with revenue up 32% to 312 billion VND, but gross profit turned negative as cost of goods sold exceeded revenue.
• Phuoc An Port (PAP) lost over 110 billion VND pre-tax, narrowing 12% year-on-year, despite revenue surging nearly 8 times to ~153 billion VND.
• PVOIL (OIL) reported the largest revenue in the group at over 90,000 billion VND (+126%), yet still lost ~71 billion VND pre-tax due to rising oil import costs.

What Happened

According to consolidated financial statements for Q2 2026, Vietnam Airlines, PNJ, and Truong Thanh Wood emerged as the top three loss-making companies. Vietnam Airlines attributed its loss to a sharp increase in fuel prices, which caused total costs to outpace revenue and other income. Despite the quarterly loss, the airline remained profitable for the first half, with pre-tax profit of ~4,183 billion VND.

PNJ’s loss was primarily due to a provision related to a diamond buyback event, totaling 865.5 billion VND. Truong Thanh Wood’s loss stemmed from negative gross profit and higher administrative costs, including provisions for long-standing doubtful receivables. Other notable losers included PAP, DFF, VVN, and OIL, each citing cost pressures or one-off items.

Market Context

Vietnam Airlines (HVN) trades on HOSE at 23,750 VND (as of 2026-08-04), reflecting investor concerns over fuel costs and operational leverage. PNJ closed at 35,450 VND on HOSE, while TTF traded at 1,830 VND on HOSE, near its 52-week low. The losses come amid a broader market where rising input costs and provisions are pressuring margins across sectors, though many companies still report positive half-year results.

Strategic Significance

For long-term investors, these results underscore the vulnerability of asset-heavy and commodity-sensitive businesses to input cost shocks. Vietnam Airlines’ ability to pass on fuel costs through ticket pricing will be critical, while PNJ’s provision highlights risks in inventory management and supplier relationships. Truong Thanh Wood’s negative gross margin signals structural challenges in cost control and receivables management. The divergence between revenue growth and profitability suggests that top-line expansion alone is insufficient without disciplined cost management.

What to Watch

• Vietnam Airlines’ Q3 2026 fuel hedging strategy and ticket price adjustments.
• PNJ’s recovery in gross margin and any further provisions related to the diamond buyback.
• Truong Thanh Wood’s progress in collecting doubtful receivables and improving gross margin.
• PAP’s ability to convert revenue growth into profitability as port volumes expand.
• OIL’s margin trajectory amid volatile global oil prices.