VNG losses deepen on ZaloPay

Created 05 August 2022
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

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.
VNG losses deepen on 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.


Source: VNE

Maybe You Also Interesting :

» VNG to post record losses

Vietnam tech unicorn VNG Corp expects revenues to surge by 33 percent this year, but losses to rise nine-fold to an all-time high.

» VNG invests in S. Korean gaming unicorn

Vietnamese tech giant VNG Corporation has joined the series B funding of Haegin, a billion-dollar South Korean startup that owns the popular Play Together and...

» VNG seeks $300 mln funding ahead of US listing

Vietnam’s online gaming firm VNG is set to raise $200-300 million from both new and existing backers ahead of its potential U.S. listing.