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Viettel's overseas profit hits 3-year low
By Thanh Nien News -
A strong US dollar and higher input costs have reduced the profits of Vietnam's biggest telecom firm Viettel in overseas market to the lowest level since 2012, local media reported on Wednesday.
Viettel Global, which manages the military-run company's overseas activities, reported VND500 billion (US$22.13 million) in profit after tax at the end of last year, compared to VND2.3 trillion ($101.8 million) in 2014, according to news website VnExpress.
Profits were made in Southeast Asia and South America, where the giant is operating mobile networks in four countries -- Cambodia, Haiti, Timor-Leste and Laos.
Africa, the other key market, recorded nearly VND2.6 trillion ($115.08 million) in losses, 3.5 times higher than 2014, even though its revenues grew more than 25 percent. Viettel is now operating in Burundi, Cameroon, Mozambique and Tanzania.
Foreign exchange rates alone added VND600 billion ($26.55 million) to its costs last year, VnExpress reported.
Borrowing costs grew 1.5 times year on year, and other costs 3.5 times, according to Viettel Global.
Viettel's brand value has been estimated $973 million by UK-based intangible asset valuation consultancy Brand Finance. It is ranked seventh in Southeast Asia and 93rd globally.