Vietnam-based steel producer Hoa Phat Group has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, the company reported a net profit of VND 1.45 trillion ($60.75 million), down by 64 percent year on year, while the company’s sales revenue totaled VND 29.8 trillion ($1.25 billion), decreasing by 21 percent year on year.
In the first half this year, Hoa Phat’s sales revenue reached nearly VND 56.66 trillion ($2.39 billion), while its net profit totaled VND 1.83 trillion ($77.15 million), reaching 23 percent of its annual plan.
Hoa Phat is focusing on implementing the Hoa Phat Dung Quat 2 Iron and Steel Complex project, with an annual capacity of 5.6 million mt of HRC. It is expected that Dung Quat 2 project will start production in 2025.