MobiFone reports $100 million profit in Q1

Tuesday, Apr 07, 2015 17:20

A transaction office of MobiFone. The company earned $100 million in profits during Q1. — Photo

HA NOI (Biz Hub) — Viet Nam's second largest mobile network operator, MobiFone, earned nearly VND2.10 trillion (US$100 million) in profits during the first quarter of this year, reported VnEconomy.

MobiFone General Director Le Nam Tra said at a meeting of the Ministry of Information and Communications late last week that the result was equivalent to 30 per cent of the target that the company had set for 2015.

During the first quarter, the firm reported about VND8.56 trillion ($407.62 million) in turnover, reflecting a 4.6 per cent year-on-year surge and representing 28.5 per cent of the annual quota.

Tra said the company was expected to reach VND9.46 trillion ($450.48 million) in turnover and VND1.78 trillion ($84.76 million) in profits during the second quarter, following the addition of about three million new subscribers.

The firm was rechristened as MobiFone Telecommunications Corporation from Vietnam Mobile Telecom Services Company last December, after it was separated from the Viet Nam Posts and Telecommunications Group (VNPT) and placed under the supervision of the ministry in July.

The Minister of Information and Communications, Nguyen Bac Son, had said in January that MobiFone, which had VND15 trillion ($714.20 million) in equity, was expected to be privatised within 20 months.

In the domestic market, MobiFone is second to the military-run Viettel, and is followed by VNPT-run VinaPhone. — VNS

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