MobiFone Telecommunications Corporation earned more than VNĐ2.50 trillion (US$111.11 million) in after-tax profit in the first half of this year, down two per cent over the same period last year.

The company said in its latest financial report that it earned some VNĐ16.25 trillion in revenue in the first six months, a year-on-year rise of nearly 20 per cent.

Costs of the sale of goods increased 51 per cent year-on-year at VNĐ2.14 trillion and corporate management costs were up 14 per cent year-on-year at VNĐ544 billion.

According to the report, total assets of the company reached VNĐ23.19 trillion on June 30, a fall of five per cent from the figure recorded at the beginning of the year.

During the first six months, the value of long-term assets, including fixed assets and property and financial investments, doubled to some VNĐ16.94 trillion.

Long-term financial investments alone amounted to VNĐ9.46 trillion on June 30, compared with VNĐ641.90 billion at the beginning of the year.

However, the value of short-term assets reached only VNĐ6.25 trillion at the end of June, less than half of the amount at the beginning of 2016.

MobiFone, with nearly VNĐ16.20 trillion in equity recorded on June 30, specialises in mobile services, retail, broadcast and multimedia.

Separating from VN Posts and Telecommunications Group (VNPT) in 2014, the company now stands among the largest mobile network operators in the country, besides military-run Viettel and VNPT-run VinaPhone.

In September, the Government announced the launch of a comprehensive probe into MobiFone’s acquisition of a 95 per cent stake in multimedia company Audio Visual Global, or AVG.

In early 2016, MobiFone announced the acquisition of AVG to expand its television network. AVG’s An Vien TV brand was later renamed MobiTV.

However, details of the deal were not disclosed. 

VNS