MobiFone posts nearly $100m in profit for Q1

Dylan Bushell-Embling
10 Apr 2015
00:00
News
Daily News

Vietnam's MobiFone has reported a profit of nearly 2.1 trillion dong ($97.2 million) for the first quarter of the financial year.

The nation's second-largest mobile operator grew its revenue for the quarter by 4.6% to 8.56 trillion dong, VietnamNet Bridge reported.

With the results, MobiFone has already earned 30% of the profit and 28.5% of the revenue targets that the company had set for the full 2015.

MobiFone now expects revenue for the current quarter to reach 9.46 trillion dong and profit to hit 1.78 trillion dong, thanks to the addition of around 3 million new subscribers.

The company was separated from state-owned telecom group VNPT last year, and is expected to be privatized through an IPO within the next year and a half. The company has equity of around 15 trillion dong.

MobiFone is Vietnam's second-largest mobile operator after military-run Viettel. VNPT subsidiary VinaPhone is in third place. By separating MobiFone the government hopes to stimulate competition in a mobile market dominated by state-owned operators.

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