Mobifone posts $290m pre-tax profit

Vietnam’s Mobifone has reported pre-tax profit of 5.8 trillion dong ($290 million) for 2010, a 6% increase.

 

Mobifone contributed 52.3% of parent group VNPT's pre-tax profit for the same period.

 

The operator’s revenue grew 31.5% to 36 trillion dong - 35% VNPT’s total revenue for the year.

 

The firm had failed to meet its revenue and pre-tax profit targets of 39 trillion dong and 6.1 trillion dong respectively.

 

Mobifone gained 5.95 million new cellular subscribers in 2010, exceeding its 5 million new subscriber target. This figure is, however, lower than competitor VinaPhone (also VNPT owned), which gained 10 million new subscribers for the same period.

 

Mobifone’s customer base stood at 35 million at the end of 2010.

 

“The strict competition makes us well prepared to boost our sales through distribution channels right from the beginning of this year,” Mobifone’s deputy director Nguyen Dinh Chien told Vietnam Bridge.