FPT’s profit rises 23 per cent, driven by software outsourcing

IT giant FPT Corporation reported first-quarter revenue of nearly VND5.7 trillion (US$244.6 million) and before-tax profit of VND960 billion ($41.2 million).

 

Shares of the company (FPT) rose 1.3 per cent on Thursday on the Ho Chi Minh Stock Exchange to VND48,500 ($2.08) per share following the information.

These results represented growth of 19.3 per cent in revenue and 23 per cent in profit compared to the same period of last year.

By the end of March, net profit of the whole group and profit of the parent company were VND794 billion and VND626 billion, respectively, up 21.6 per cent and 23 per cent.

Earnings per share (EPS) were VND1,021, up 22.5 per cent year on year.

Technology remained the key contributor with revenue of nearly VND3 trillion and pre-tax profit of VND361 billion, up 21.7 per cent and 44.4 per cent year on year, respectively.

The software outsourcing segment recorded revenue of more than VND2.3 trillion, rising 37.5 per cent over the same period of last year. Pre-tax profit of this segment was VND329 billion, up 39.6 per cent.

Among the firm’s export markets, the US witnessed the strongest growth of 79 per cent, followed by Japan with 27 per cent.

The “Going Global” strategy continues to be essential to the growth of FPT. By the end of March, overseas markets brought FPT revenue of VND2.5 trillion and pre-tax profit of VND362 billion, both up around 35 per cent year on year.

Meanwhile, the telecommunications sector saw more modest growth of 18 per cent in revenue and 8.4 per cent in profit, at VND2.4 trillion and VND368 billion respectively.

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