Monday , June 24 2024

VNG expects $24M loss this year

Tech giant VNG expects a loss of VND572 billion (US$24.31 million) this year, its third annual loss in a row, it has informed shareholders.

But it is an improvement from last year’s VND1.53 trillion loss.

The company targets a 19% rise in revenues to VND9.3 trillion, and reported an income of VND1.85 trillion in the first quarter.

VNG will continue to focus on development of video games, online advertising and its e-wallet but also branch into application of artificial intelligence, it has said.

It plans to fund these businesses with its accumulated profits of over VND5 trillion.

Its VNZ share trading was restricted at the end of May for failure to file financial reports, but the restriction was lifted earlier this month.

VNZ now trades at VND755,000, the highest price of any share in the Vietnamese stock market, putting the company’s market capitalization at VND29 trillion.

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