FPT revises full year pre-tax profit target

15 Dec 2011

Vietnamese software and technology company the Corporation for Financing and Promoting Technology (FPT) will miss its profit target for full year 2011, after the economic slowdown and the country’s high inflation hit demand. Bloomberg cites FPT’s chief executive officer Truong Dinh Anh as saying that the company estimates 2011 pre-tax profit at VND2.57 trillion (USD120 million), compared to the revised target of VND2.62 trillion announced in July, while revenue could be around VND26 trillion, rather than the target of VND26.8 trillion. Anh said the company is still in talks with the Ministry of Finance and the State Capital Investment Corp to increase its stake in telecoms unit FPT Telecom from 43.06% to 100%. The deal is likely to be completed in the first quarter of 2012, and FPT may issue shares for a swap as part of the transaction and pay the rest by cash, he said.

Vietnam, FPT Telecom