FPT Telecom's pre-tax profit in the first quarter of 2018 reached nearly VND 338 billion, fulfilling 24% of the year's profit plan.
FPT Telecom Joint Stock Company (FPT Telecom - stock code FOX) announced the consolidated financial statements for the first quarter of 2018 with the results of both revenue and profit increasing sharply over the same period.
Specifically, net revenue reached VND 2,010.8 billion, increasing by nearly 15% over the same period, while costs of goods sold went up only by more than 7.5%, so the gross profit from sales and service provision alone reached over VND 984 billion, increasing by 24% compared to the same value of last year’s first quarter.
Revenues from financial activities in this quarter reached more than VND 26 billion, decreasing by VND 8.6 billion over the same period. Financial income of the company is mainly from deposit interest. On the financial statements of the company, as of the end of March 2018, demand deposits at banks were more than VND 158 billion; less than 3-month term deposits were nearly VND 384 billion, decreasing by VND 80 billion compared to the beginning of the period. In addition, deposits with term less than 1 year amounted to nearly VND 1,660 billion, increasing by VND 190 billion compared to the beginning of the period.
|Unit: VND Billion
|General and administrative expenses
|Profit/Loss from affiliated companies
Financial expenses - mainly interest expenses - also decreased by VND 25 billion to over VND 22.7 billion. By the end of the first quarter of 2018, total liabilities was VND 4,972 billion, increasing by VND 56 billion compared to the beginning of the year, in which short-term loans increased by VND 756 billion to VND 1,860 billion and long-term loans decreased by VND 35 billion to nearly VND 70 billion.
Notably, both Sales expenses and General and administrative expenses increased sharply compared to the first quarter of 2017. Sales expenses in the first quarter of this year were more than VND 218 billion, increasing by 38% while General and administrative expenses increased by nearly 26% to over VND 431 billion.
To sum up, FPT Telecom’s pre-tax profit is reported to be VND 337.8 billion, accounting for 24% of the profit target set for the whole year. After-tax profit reached VND 269.5 billion in the first quarter of 2018, increasing by 22% compared to the profit achieved in the first quarter of 2017.