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VNG 2014 profit down 93%

Released at: 15:16, 02/06/2015

VNG 2014 profit down 93%

Profit target for 2015 also down, AGM told, and no dividend will be forthcoming for second year in succession.

by Luong Nhi

The Vietnamese technology giant VNG Corporation, formerly known as VinaGame, held its AGM on June 1, where it announced it would not pay a dividend for the second year in a row due to a sharp decline in profit in its games business.

VNG’s after tax profit in 2014 from games was VND13 billion ($596,000), a fall of 93 per cent against 2013. As it is investing in a strategic product it proposed it not pay a dividend for 2014, which was passed by the AGM. It also did not pay dividend for 2013, when profit from games was VND186 billion ($8.52 million), a decline of 75 per cent.

It also released a consolidated income statement that includes its other business in digital areas and e-commerce.

In 2015 VNG targets revenue of VND2.157 trillion ($98.8 million) in consolidated income and the pre-tax profit of VND264 billion ($12.1 million), down 9 per cent and 16 per cent, respectively, against targets set for last year. Its target for games has remained unchanged for a number of years.

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