Viettel Global’s profit up 135% in first nine months of 2017
Thursday, 2017-12-14 09:54:26
NDO - The profit of Viettel Global, a unit of the military-run telecoms company Viettel, reached nearly VND2.933 trillion (US$129 million), up 135% over the same period last year.
The unit’s revenues in the January-September period were estimated at VND13 trillion (US$572 million), an annual increase of 19%.
In the third quarter alone, Viettel Global brought in VND4.227 trillion (US$186 million), up 8% from a year earlier.
Recently Viettel Global’s board of directors approved in principle a plan to sell 2.24 billion of its shares on the market of unlisted public companies. The unit’s assets are estimated at more than VND50 trillion (US$2.2 billion).
Commencing overseas investment in 2006, Viettel Global is now present in nine foreign markets including Cambodia, Laos, Myanmar, Haiti, Timor-Leste, Mozambique, Cameroon, Tanzania and Burundi.
In Myanmar, Mytel - a subsidiary of Viettel Global, was granted a business licence in early 2017 and is expected to begin offering telecommunications services in the Southeast Asian country early next year.
Currently, Viettel’s profit is comprised of the combined profits of Viettel Global and Bitel, a Viettel unit in Peru, the 10th overseas market in which the telecoms giant is present.
Bitel is independent from Viettel Global as Peruvian law requires Viettel to be the direct owner of Bitel.
In the first half of 2017, Bitel was Viettel’s most profitable among its foreign units, accounting for 40% of total overseas earnings.
Viettel is currently the largest operator in five out of its ten foreign markets and all of its overseas units have reported profits in the last three years.