Saturday , July 13 2024

Steel giant Hoa Sen Group sets lowest profit target in 10 years

Steel giant Hoa Sen Group set its lowest profit target of VND100 billion ($4.25 million) for 2023, lowest in 10 years,.

Of its two financial scenarios for the year, the first was based on a projected sales of 1.4 million tons of steel products, which would fetch a revenue of VND34 trillion and post-tax profit VND100 billion.

But in the second scenario, if sales can reach 1.5 million tons, revenues would rise to VND36 trillion with a profit VND300 billion.

In the last 10 years, the lowest profit target set by Hoa Sen Group was VND400 billion and the highest VND1.65 trillion.

The company said that steel exports face many uncertainties this year amid high competition and trade barriers.

Tightening monetary policy, higher interest rates, and rising currency exchange rates are expected have a negative impact on the company, the company added.

Hoa Sen Group is going through the “most difficult time in its history” after posting losses for two quarters in a row, according to an analyst with Rong Viet Securities.

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