Vietnam-based steel producer Hoa Phat Group has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter, the company reported a net profit of VND 10.3 trillion ($452.88 million), 2.7 times higher than the same period last year, while the company’s sales revenue totaled VND 38.9 trillion ($1.71 billion), up by 56 percent year on year.
In the January-September period this year, the company reported a net profit of more than VND 27.1 trillion ($1.18 billion), up by 200 percent, while Hoa Phat’s sales revenue totaled more than VND 105.8 trillion ($4.65 billion), up by over 60 percent, both year on year. The company’s net profit in the first nine months surpassed 45 percent of the whole year’s set target.
In the first nine months of the year, the company produced 6.1 million mt of crude steel, increasing by 50 percent, while its steel sales reached nearly 6.3 million mt, up by 43 percent, both year on year. In the January-September period this year, Hoa Phat’s sales of construction steel reached 2.8 million mt, increasing by 12 percent compared to the corresponding period last year. In the given period, Hoa Phat’s sales of hot rolled coil reached nearly two million mt and its sales of steel pipe totaled 498,000 mt, down by 12 percent year on year.