Mobile World reports Jan profit growth of 22% to $23m amid virus fears

With the business results, Mobile World has completed 11% whole-year goal for after-tax profit and 10% yearly target for revenue in the first month of 2020. Net profit margin has improved to 4.4% from 4.36% of January 2019.  

The Vietnamese retailer said its business has not received negative impact from the coronavirus epidemic and has plan to adjust business plan for this year while company’s leaders are considering solutions to confront the epidemic that is hurting the economy.  

Despite the saturation of the market, sale of the mobile phone sector grows over 10% while electronic product sale increased by 10% in the month. The growth was result of the Lunar New Year holidays.

Source: Mobile World Group

Bach Hoa Xanh chain's revenue doubled in January despite it operated for just 23 days. The average revenue of each store reached about $51,800. Revenue growth of the whole Bach Hoa Xanh chain was reported at 109% thanks to the increase in the number of stores and average revenue.

As of end-January, Mobile World’s Bach Hoa Xanh chain had 1,041 stores.

Mobile World set 2020 revenue target of $5.4 billion and $212.5 million in after-tax profit, an increase of 20% and 26% respectively.