Vietnam’s gaming firm VNG’s 1Q net income slightly falls to $6.2 million

Total consolidated net revenue was reported at VND1.3 trillion ($55.5 million), up 6.6% over the same period last year, the company said in its first-quarter financial statement.

The provider of online entertainment services based on digital content and game publisher’s total asset stood at VND7,228 billion ($308 million) as of March 31, 2020, an increase of 3% compared to the beginning of the year.

Currently, the tech firm is offering several services including online games, online advertising, Zalo application, Zalo Pay payment. It is investing in e-commerce by holding a 24% stake in Tiki, which has reported a $75 million loss in 2019.

Besides game and technology, VNG also holds 49% stake in Thanh Son Media Trading and Service Company.

Last year, VNG Corporation reported a $24 million after-tax profit from $242.5 million in revenue.

The corporation was founded in 2004, specializing in digital content and online entertainment, social networking. It focuses on four main businesses, including online games, platforms, digital payments, and cloud services.

Many key products developed by VNG have attracted hundreds of millions of users such as Zalo, ZaloPay, Zing MP3, and 123phim.