Sunday , June 23 2024

VNG losses deepen on ZaloPay

Tech unicorn VNG posted a consolidated loss of VND372 billion ($15.9 million) for Q2 after making a provision of VND595 billion for its investment in Zion, operator of e-payment service ZaloPay.

Its gross revenue only fell 1.8% to over VND2 trillion, but gross profits tumbled by 16% to VND884.8 billion as costs of goods sold rose 14%.

Financial income also dropped by 39%, while financial, selling and management expenses all increased double-digit.

In the first six months VNG invested VND680 billion in Zion, raising its investment there to VND2.56 trillion on provision of VND2.1 trillion.

Zion remained one of the key factors dragging VNG’s results down. Last year the subsidiary lost VND1.21 trillion, resulting in losses of VND72 billion for the parent.

The tech unicorn planned revenues of VND10.18 trillion and losses of VND993 billion this year.

Read More :
- Reduce Hair Loss with PURA D’OR Gold Label Shampoo
- Castor Oil Has Made a “Huge” Difference With Hair and Brow Growth
- Excessive hair loss in men: Signs of illness that cannot be subjective
- Dịch Vụ SEO Website ở Los Angeles, CA: đưa trang web doanh nghiệp bạn lên top Google
- Nails Salon Sierra Madre