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Hoa Phat reports business improvement in Q1

The Saigon Times

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HCMC – Despite a year-on-year plunge of 39% in revenue, local steelmaker Hoa Phat Group made a turnaround after six months of losses with a profit of VND383 billion in the first quarter of 2023, according to its consolidated earnings report.

Steel and related products remained the key items, accounting for 94% of the profit.

Its raw steel output in the first three months of the year dipped by half over the same period of 2022 to around 1.2 million tons, while sales of construction steel, billets and hot rolled coils plunged 37% year-on-year to 1.37 million tons.

Though unfavorable business conditions are expected to persist in the second quarter, Hoa Phat said it would continue to expand its operation in agriculture, real estate, and household appliances but refrain from new investments to channel all resources into the Hoa Phat Dung Quat 2 project.

This year, the local steel manufacturer looks to obtain total consolidated revenue of VND150 trillion, down 5% year-on-year, and increase its profit after tax by 5%, at VND8 trillion.

Its stock HPG closed the trading session today, April 26, up 4.51% against the previous session, at VND22,000 per share, and took the lead by liquidity on the Hochiminh Stock Exchange with a matching volume of 26.8 million shares.

With advancers outnumbering decliners by 234 to 135, the VN-Index of the HOSE gained 5.95 points, or 0.57%, over the session earlier, at 1,040.8 points.

More than 576.7 million shares worth VND11.4 trillion were traded on the southern bourse, up 7% in volume and 21% in value day-on-day. Over 145.2 million shares transacted in block deals contributed VND3.9 trillion to the overall value.

On the northern bourse, the HNX-Index added 1.16 points, or 0.57%, from the previous session to 205.84 points, with 90 winners and 72 losers.

Trade on the Hanoi exchange amounted to VND853.4 billion with 62.7 million shares changing hands.

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