FPT Telecommunications Corporation (FPT Telecom – FOX code) has just announced its Q3/2024 financial report with net revenue of VND 4,555 billion, up 14% over the same period. The stronger increase in cost of goods sold narrowed the gross profit margin from 48% in the same period last year to 47.5%. Gross profit accordingly reached VND 2,165 billion, still up about 12% over the same period last year.
In the third quarter, financial revenue decreased by 54% to VND 125 billion, while selling expenses increased by 25% to VND 714 billion. The bright spot was that financial expenses and management expenses were cut by 63% and 19% over the same period, to VND 63 billion and VND 553 billion, respectively.
As a result, FPT Telecom’s pre-tax and after-tax profits were VND 907 billion and VND 717 billion in Q3, up 16% and 14% over Q3/2023, respectively. Profit after tax belonged to the company’s parent company reached VND 697 billion, slightly lower than the record high of VND 732 billion in the previous quarter.
Accumulated in the first 9 months of the year , FPT Telecom recorded net revenue of VND 12,800 billion and pre-tax profit of VND 2,666 billion, up 9% and 16% over the same period, respectively. With the results achieved, the company has completed 76% of the annual profit target set.
Explaining the impressive growth, the enterprise said that in the first 9 months of the year, it continued to improve transmission quality as well as customer care service quality. At the same time, the company implemented many cost-cutting measures, improved labor productivity, and contributed to increased profits.
As of September 30, 2024, FPT Telecom’s total assets increased by nearly VND 1,400 billion from the beginning of the year to VND 21,539 billion. The increase mainly came from short-term financial investments worth VND 9,784 billion, up more than VND 1,100 billion from the beginning of the year, and accounted for 45% of total assets (mostly bank term deposits). The corresponding financial liabilities were VND 11,342 billion, slightly higher than at the beginning of the year, of which short-term financial debt was nearly VND 6,120 billion.
FPT Telecom is a member of FPT, Vietnam’s leading technology corporation. Currently, FPT Telecom is one of the leading telecommunications and Internet service providers in the region. After more than 25 years of operation, FPT Telecom has had more than 8,900 employees and dozens of branches covering all 63 provinces and cities nationwide.
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