Vietnam Airlines (VNA) and its subsidiaries earned a consolidated pre-tax profit of $113.7 million in 2016, which represents a 140% increase on the previous year, according to the company’s initial estimates.

The Hanoi-based carrier’s core operation is estimated to have contributed $72.7 million in pre-tax profit, more than five times the profit from 2015. The company is majority owner of Vietnam-based low-cost carrier Jetstar Pacific and part-owner of Cambodia’s Angkor Air. Regional carrier VASCO is a VNA subsidiary.

The group recorded $3.45 billion in consolidated revenue for 2016, up 10% from 2015. VNA contributed $2.7 billion of the total. The airline increased its passenger total by 18.7%, and its cargo volume was 10% ahead of its plan.

The carrier’s profit projection comes in the same week as its Jan. 3 listing on the Hanoi Stock Exchange. The company is still 86% owned by the government, and strategic investor All Nippon Airways holds a share of almost 9%. Some shares were made available to the public and employees in a previous initial public offering.

Adrian Schofield