Electronics retailer Mobile World has reported net profits of VND2.552 trillion ($110.9 million) for the first half of the year, a 26 percent year-on-year increase.

Vietnam’s leading mobile phone and consumer electronics retailer said revenues were up 12 percent to VND62.49 trillion.

Covid-19 drove online sales to VND5.3 trillion, and with selling and administrative expenses falling as a result, profits rose sharply.

Shoppers at a Bach Hoa Xanh store in Thu Duc City, HCMC.
Photo by VnExpress/Quynh Tran.

Mobile phone sales were up 16 percent and laptop, refrigeration and consumer goods sales achieved single-digit growth.

The company’s Dien May Xanh, The Gioi Di Dong and Bach Hoa Xanh store chains had saw revenues of VND33.3 trillion, VND15.6 trillion and VND13.37 trillion.

Mobile World has 4,610 outlets, including 1,888 Bach Hoa Xanh stores, in 25 cities and provinces.

The management expects extreme volatility in the coming months, mainly because nearly 2,000 mobile phone and electronic appliance shops have temporarily closed amid social distancing in Hanoi and 19 southern localities.