FPT profit up 28 percent in 9 months
Vietnamese IT giant FPT Corporation posted a 28 percent increase in pretax profit in the first 9 months of the year, mainly contributed by its technology sector.
Between January and September, FPT's revenue increased 20.5 percent to VND19.6 trillion ($847.38 million) while its pretax profit increased 28 percent to VND3.51 trillion ($151.75 million).
Foreign markets alone brought FPT more than VND8.2 trillion ($354.52 million) in revenues and VND1.34 trillion ($57.93 million) in pretax profits. The proportion of revenue and profit from foreign markets contributed 42 percent and 38 percent respectively to the consolidated results of the group.
Serving as the main growth engine, the firm's technology sector achieved revenue and pretax profit of VND11.07 trillion ($478.6 million) and VND1.47 trillion ($45.27 million) respectively for year-on-year increases of 25 percent and 42 percent.
Last year, FPT announced the acquisition of a 90 percent stake in Intellinet Consulting (Intellinet), one of the fastest growing technology consulting companies in the U.S.
The deal was estimated at $40-50 million, with FPT paying $30 million upfront and paying the rest over the next three years, based on the company`s performance.
With Intellinet, the company expects to boost its operations in the U.S. market. The deal paves the way for FPT Corporation to become a global provider of digital transformation services.