Friday , July 19 2024

Steelmaker Hoa Phat in the red after 13 years

Leading steelmaker Hoa Phat made a loss of VND1.79 trillion ($73 million) in the third quarter, its first quarterly loss in 13 years.

It reported revenues of VND34.44 trillion in the quarter, down 12% from the same period last year and 8% from the previous quarter.

Its revenues have been declining steadily after peaking in the fourth quarter of last year.

Demand for steel is down in both Vietnam and globally, raw material prices have risen sharply – by three times in the case of coal – and exchange and interest rates have become adverse, the company said to explain the loss.

For the first nine months, the company’s revenues were VND116.6 trillion, with the steel segment contributing 90%, and profits topped VND10.44 trillion.

It said the agricultural segment was profitable again, with revenues and profits rising by 10% and 32% year-on-year in the third quarter.

Another major steel firm, Nam Kim, announced Friday that it racked up losses of over VND400 billion in the third quarter. It dragged the profits for the year down to VND290 billion, a sixth of the figure a year earlier.

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