Wednesday , February 28 2024

Hoa Phat posts 17 pct profit growth in Q1

Steel giant Hoa Phat reported post-tax profits of VND8.2 trillion ($357.1 million), up 17 percent from the same period last year.

Revenues rose nearly 40 percent to VND44 trillion, with 90 percent stemming from its core businesses of steel and steel products.

It sold around 2.17 million tons of construction steel, billet and hot rolled coil, up 12 percent. Construction steel accounted for 57 percent, or 1.37 million tons, up 57 percent.

The steel giant said it faced some challenges in Q1 as prices of raw materials were driven up by the Russia-Ukraine crisis, but its raw steel output rose by 8 percent to 2.16 million tons.

Hoa Phat expects to launch new products of water purifiers, air purifiers and chillers by the end of the second quarter this year, after completing two new factories in northern Ha Nam and southern Ba Ria – Vung Tau provinces.

It also targets finishing an iron and steel production complex in central Quang Ngai Province, and a container factory in Ba Ria – Vung Tau this year.

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