Viettel Global posts $47 million pre-tax profit in second quarter

Content image - Phnom Penh Post
MyTel, Viettel Global’s brand in Myanmar, is the first operator to launch 5G technology in the country. VIETTEL GLOBAL INVESTMENT JSC

Vietnam's Viettel Global Investment JSC posted record pre-tax profit of 1.09 trillion dong ($47 million) in the second quarter of this year.

The company announced its consolidated financial report with net revenue of more than four trillion dong in the April-June period which equals that of the same period last year.

 

However, gross profit increased by 200 billion dong to 1.5 trillion as it focused on the key telecom sector and increased average revenue per user (ARPU) while reducing purchasing equipment.

In addition, Viettel Global also paid attention to improving the effectiveness of financial activities and enjoying positive changes in foreign exchange rates.

In the first half of this year, its net revenue reached 7.9 trillion dong and gross profit of 2.8 trillion dong. The figures mainly came from high growth in Myanmar and Cambodia.

The company therefore achieved a pre-tax profit of 1.25 trillion dong in the first six months of the year.

Its share price – under code VGI – was also double in comparison with the beginning of the year to reach 30,000 dong per share. With this price, Viettel Global is one of the biggest companies in the market with capitalisation of 96 trillion dong.

First 5G network in Myanmar

 

Viettel Global earlier this week launched fifth-generation (5G) technology in Myanmar.

From this month, customers of Telecom International Myanmar Co Ltd (MyTel) – Viettel’s brand in Myanmar – will be able to experience 5G services.

MyTel is the first operator to launch 5G technology in the country.

At the launch ceremony in Yangon, customers had the opportunity to experience 4K virtual reality (VR) and video over 5G.

Viettel Global CEO Do Manh Hung said: “The goal of MyTel and Viettel Global is to be ready to lead the infrastructure, develop the latest technology and improve products and prices to suit customers’ financial needs.”

In Myanmar, MyTel is cooperating with many suppliers to launch the most modern phones that can use 5G technology.

According to U Soe Thien, Secretary of the Ministry of Communication and Information Technology of Myanmar, the country will deploy 5G technology in the next two to three years. With the promotion of Viettel, Myanmar will soon become one of the earliest 5G countries in the region.

On July 31, MyTel successfully conducted a 5G technical test on C band (3.5GHz) with a connection speed of up to 1.6Gbps, far exceeding the 4G network limit of only 150Mbps.

Along with this success of MyTel, the telecom giant has become the first operator to launch 5G technology in Vietnam, Cambodia and Myanmar.