VNG estimates a loss of nearly 600 billion VND this year

VNG Corporation plans to have a loss after tax of about 572 billion VND this year, extending its loss streak to 3 consecutive years.

According to information just announced in the annual general meeting of shareholders, this target is a significant improvement compared to the loss of 1,533 billion VND last year. In terms of revenue, the company aims to grow 19% compared to last year, expected to be approximately 9,300 billion VND.

In the first three months of this year, VNG had revenue of more than 1,850 billion VND, completing nearly 20% of the plan and is currently suffering a loss after tax of 90 billion VND.

VNG’s board of directors said that this year it will continue to invest in key business areas such as video games, advertising, e-wallets and especially products using artificial intelligence. Therefore, the board of directors proposed to retain the accumulated profit of more than VND5,000 billion (as of the end of last year) and not pay dividends.

VNG recorded revenue of about VND7,800 billion last year. In its independent financial report, the company reported a loss of more than VND1,300 billion, but after auditing, the loss increased to VND1,533 billion. The management explained this difference due to recording additional expenses related to taxes, intangible fixed assets and provisions for financial investment activities.

On the stock exchange, the stock was put on trading restriction at the end of May due to the delay in announcing financial reports, but was removed at the beginning of this month. This stock is currently trading at VND755,000, the highest on all three exchanges HoSE, HNX and UPCoM. Market capitalization calculated at this price is about VND29,000 billion.

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