MobiFone profits plunge due to pandemic impacts

By Anh Tu   August 20, 2020 | 09:00 pm PT
MobiFone profits plunge due to pandemic impacts
The logo of MobiFone seen in front of its building in Cau Giay District, Hanoi. Photo acquired by VnExpress.
State-owned telecom company MobiFone saw first half pretax profits fall by 38 percent year-on-year to VND1.64 trillion ($71 million).

Revenues were down 20 percent to VND12 trillion ($519 million).

In February the company had said its revenue target for the full year was VND33.2 trillion, but in April warned it might only meet 80 percent of the target due to the Covid-19 pandemic, which has caused sales to plummet.

MobiFone had an asset of VND30.9 trillion ($1.34 billion) by the end of June, marginally down year-on-year.

It is among 91 state-owned companies that the government is seeking to privatize this year.

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