Lower target explained by removal of MobiFone revenue from books.
VNPT's target revenue for 2015 has been set at over $4.09 billion, while total revenue for 2014 stood at over $4.7 billion, which was 104 per cent of annual target.
Total revenue last year comprised the total earned by MobiFone in the first half of the year, Mr. Pham Duc Long, Deputy General Director of VNPT said in explaining the dramatic cut in its revenue target for 2015, as MobiFone's revenue will be separated this year.
The 2015 profit target for VNPT is $137.5 million, with $145 million to be contributed to the State budget.
One of the key missions of VNPT this year is to conduct Stage 2 of its restructuring process, said Mr. Tran Manh Hung, General Director of VNPT. It will focus its investment in the most profitable services and improve network and service quality.
At a conference on January 15 held by VNPT to release its 2015 plan, it was announced that total profit in 2014 was over $295 million, or 103 per cent of the yearly target. It paid over $274 million in State budget contributions, which was 103.5 per cent of the target.
The business performance of VNPT's subsidiaries was also announced. Vinaphone's revenue in 2014 increased 14 per cent against 2013. VNPT's broadband service rose 18 per cent, with nearly 1 million subscribers in 2014. Revenue from the MyTV service, meanwhile, increased 24 per cent compared to 2013.