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 loss of VND 1.7 trillion ($67.98 million), decreasing by 117 percent, while its sales revenue totaled VND 34.4 trillion ($1.37 billion), down by 12 percent, both year on year. The company’s results were negatively affected by weak demand both domestically and worldwide, and by high raw material prices.
In the first nine months this year, Hoa Phat’s sales revenues amounted to nearly VND 116.5 trillion ($4.66 billion), while its net profit totaled VND 10.4 trillion ($417.07 million).
In the first nine months of the year, the company produced more than 6 million mt of crude steel, while its total sales of construction steel, hot rolled coil and billet reached 5.7 million mt, increasing by three percent compared to the corresponding period last year.
In the third quarter this year, Hoa Phat’s market share expanded from 32.6 percent to 36 percent for construction steel, from 24.7 percent to 29 percent for steel pipes, year on year.
Its Dung Quat 2 project with a planned output of 5.6 million mt of HRC is being implemented on schedule.