MobiFone Telecommunications Corporation (MobiFone) recently released its audited financial statement for the last year, following which net revenue of sales and services reached nearly VND35.08 trillion (US$1.54 billion).

The revenue increased nearly VND3.70 trillion over the previous year, equivalent to a year-on-year increase of 12 per cent, reported the Tri Thuc Tre online newspaper.

However, the group’s pre-tax profit decreased 27 per cent from VND7.1 trillion in 2015 to VND5.03 trillion last year and profit after tax decreased 22 per cent year-on-year to VND4.22 trillion.

MobiFone also said last year was the first year that AVG saw profit of VND54 billion. The acquisition of AVG is part of the group’s business development strategy in the 2016-20 period based on the four pillars of telecommunications and IT, television, distribution and retail, and multi-services. In addition to AVG, MobiFone also has three other subsidiaries -- MobiFone Services, MobiFone Plus and MobiFone Global.

MobiFone has targeted the whole corporation’s total revenue to reach VND44.21 trillion this year, of which the parent company’s revenue is expected to reach VND39.67 trillion. Pre-tax profit and after-tax profit are estimated at VND5.59 trillion and VND4.47 trillion, respectively. The investment capital for development is estimated at VND10.20 trillion. — VNS