Viettel Global posts US$47 million pre-tax profit in Q2

Saturday, Aug 10, 2019 07:32

MyTel, Viettel Global's brand in Myanmar, is the first operator to launch 5G technology in the country. — Photo courtesy of Viettel Global

Viettel Global posted record pre-tax profit of VND1.09 trillion (US$47 million) in the second quarter of the year.

The company announced its consolidated financial report with net revenue of more than VND4 trillion in the April-June period which equals that of the same period last year. However, gross profit increased by VND200 billion to VND1.5 trillion as it focused on the key telecom sector and increased average revenue per user (ARPU) while reducing purchasing equipment.

In addition, Viettel Global also paid attention to improving the effectiveness of financial activities and enjoying positive changes in foreign exchange rate.

In the first half of the year, its net revenue reached VND7.9 trillion and gross profit VND2.8 trillion. The figures mainly came from high growth in Myanmar and Cambodia.

The company therefore achieved a pre-tax profit of VND1.25 trillion in the first six months of the year.

Its share price – under code VGI – was also double in comparison with the beginning of the year to reach VND30,000 per share. With this price, Viettel Global is one of the biggest companies in the market with capitalisation of VND96 trillion.

First 5G network in Myanmar

Viettel Global earlier this week launched fifth generation (5G) technology in Myanmar.

From this month, customers of Mytel (Viettel’s brand in Myanmar) will be able to experience 5G services.

Mytel is the first operator to launch 5G technology in the country.

At the launch ceremony in Yangon, customers had the opportunity to experience 4K virtual reality (VR) and video over 5G.

Do Manh Hung, CEO of Viettel Global said: “The goal of Mytel and Viettel Global is to be ready to lead the infrastructure, develop the latest technology and improve products and prices to suit customers’ financial needs."

In Myanmar, Mytel is co-operating with many suppliers to launch the most modern phones that can use 5G technology.

According to U Soe Thien, Secretary of the Ministry of Communication and Information Technology of Myanmar, the country will deploy 5G technology in the next 2-3 years. With the promotion of Viettel, Myanmar will soon become one of the earliest 5G countries in the region.

On July 31, Mytel successfully conducted a 5G technical test on C band (3.5 GHz) with a connection speed of up to 1.6Gbps, far exceeding the 4G network limit of only 150 Mbps.

Along with this success of Mytel, the telecom giant has become the first operator to launch 5G technology in Viet Nam, Cambodia and Myanmar. — VNS

Comments (0)