Mobile World (MWG) profits rise 26 pct
Mobile World (MWG) profits rise 26 pct
Electronics retailer Mobile World reported a 26 percent increase year-on-year in post-tax profits to VND2.2 trillion ($94.4 million) for the first five months of the year.
A Mobile World store in Hanoi. Photo courtesy of Mobile World.
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Revenues were up 9 percent to VND51.8 trillion, mainly due to double-digit growth in mobile phone sales, especially of iPhones. Sales of watches jumped 58 percent to VND810 billion.
Its electronics chains Dien May Xanh and Mobile World accounted for 53 percent and 26 percent of the revenues.
Its Bach Hoa Xanh stores, which sell groceries, foods and fast-moving consumer goods, accounted for 21 percent as sales increased 26 percent due to social distancing orders, which saw consumers stock up on essential goods.
It started selling bicycles at two Dien May Xanh outlets in HCMC in May and launched a joint program with small retailers at localities where it lacks stores.
Mobile World has 4,532 stores, 2,682 of them Dien May Xanh and Mobile World.
It has temporarily shut over 630 outlets since the end of Mayin places where social distancing is in force.
It targets revenues of VND125 trillion and post-tax profits of VND4.75 trillion this year, year-on-year increases of 15 and 21 percent respectively. But it fears that the pandemic will force it to close more outlets, thus affecting business.
