FPT’s profit up by nearly 19 percent in Q1
FPT Corporation achieved revenue of 6.63 trillion VND (282.6 million USD) and pre-tax profit of 1.14 trillion VND (48.6 million USD) in the first quarter of the year, a year-on-year increase of 17 percent and 18.9 percent, respectively, surpassing 2 percent of its target.
FPT, recording 18.9 percent growth in pre-tax profit in the first quarter, has initiated measures to ensure business continuity and avoid risks amid the Covid-19 pandemic. (Photo: courtesy of the company)HCM City (VNS/VNA) - FPT Corporation achieved revenue of 6.63 trillion VND (282.6 million USD) and pre-tax profit of 1.14 trillion VND (48.6 million USD) in the first quarter of the year, a year-on-year increase of 17 percent and 18.9 percent, respectively, surpassing 2 percent of its target.
Profit after tax reached 937 billion VND (39.94 million USD), up 18 percent year-on-year. Earning per share was 1,101 VND, up 18.7 percent.
The pre-tax profit margin improved to 17.2 percent compared to 16.9 percent over the same period last year
The global IT services and telecom services were the growth engine for FPT, with profit before tax going up by 27 percent and 29 percent, respectively, to reach 425 billion VND (18.1 million USD) and 401 billion VND (17.1 million USD).
In addition, FPT has engaged in many large digital transformation projects, recording 729 billion VND in revenue in the first quarter, up 55 percent year-on-year.
Since many local companies are impacted severely by the pandemic, FPT's revenue and profit earned from domestic IT services and online advertising have been affected.
The overseas market brought the company 2.89 trillion VND (123.2 million USD) in revenue, up 26 percent year-on-year.
Revenue from the Asia-Pacific market went up by 59 percent in the period to top 450 billion VND, accounting for 16 percent of overseas revenue.
Revenue from the US market increased by 28 percent, contributing 675 billion VND to the top line. The Japan and EU markets enjoyed growth rates of 19 percent and 17 percent, respectively.
The company’s performance in the first quarter was not affected greatly by COVID-19, but due to the unpredictability of the virus outbreak, the operation of FPT is likely to be disrupted in the second quarter.
Its management board therefore has activated a wartime working mode and prepared different scenarios based on projections of the pandemic, ensuring business continuity and sidestepping risks./.
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