FPT recorded consolidated revenue of VND9.77 trillion (US$428.5 million) in the first quarter of the year, up 14 per cent year-on-year, equal to 106 per cent of its year-to-date target.

Profit before tax also increased by 14 per cent to VND643 billion, while profit after tax was VND 540 billion, up 21 per cent year-on-year, the corporation reported.

Profit growth of FPT remained driven by its two core businesses, technology and telecom sectors, which together accounted for 74 per cent of the consolidated profit before tax of the group.

More specifically, profit before tax of the technology and telecom sectors increased by 38 per cent and 18 per cent year-on-year, respectively.

The distribution and retail sector achieved 107 per cent and 104 per cent of the first quarter’s targets, yet the profit before tax of the sector as a whole decreased by 14 per cent year-on-year due to poor performance of the mobile handset distribution as reflected in the plan.

Meanwhile, the retail segment continued to perform outstandingly in the first quarter, with its revenue up 33 per cent and profit before tax up 45 per cent year-on-year.

With 31 per cent contribution to consolidated profit before tax in the first quarter, overseas markets continued to be a key profit growth driver of FPT.

Notably, in the first three months of the year, FPT’s overseas markets recorded revenue of VND1.42 trillion, up 14 per cent compared with the same period last year, and profit before tax of VND200 billion, up 14 per cent. — VNS