HCMC – Nam Kim Steel JSC (HOSE: NKG) posted a 56% fall in first-quarter profit due to lower global steel demand.
The company reported VND65 billion in net profit in the January–March period, down from VND147 billion a year earlier. Revenue fell by nearly 23% to VND4.1 trillion, according to its latest financial statement.
Nam Kim cited weak market demand, low steel prices, and shrinking profit margins as the main reasons for the sharp decline. However, the steelmaker said it had cut costs significantly. Financial expenses dropped by nearly 50%, while sales expenses fell by 52% as it stopped exporting to the U.S., reducing freight costs.
Closing the trading session today, April 29, NKG edged down by 0.83% to VND11,900 per share, with over 3.2 million shares changing hands.
The VN-Index moved sideways with a slight decrease of 0.04%, down by 0.5 point to 1,226.3 points. In April, the main index lost 81 points, or 6.2%. The market was hit hard at the start of the month after the U.S. proposed a 46% reciprocal tariff on Vietnamese goods.
On April 3, the VN-Index dropped by 6.7%, one of the sharpest single-day losses in recent years. The index later fell to 1,095 points before rebounding.
Trading volume and value on April 29 improved by 10% over the previous session, with 675.9 million shares worth VND15.5 trillion changing hands. Block deals accounted for 114.2 million shares valued at nearly VND3.4 trillion. There were 226 gainers and 274 decliners on the Hochiminh Stock Exchange.
Large-cap stocks SAB and VJC led losses, falling by 6.1% and 3.5%, respectively. VIC ended flat after recovering from an early 6% drop. SHB was the most actively traded stock with over 53 million shares matched.
On the Hanoi Stock Exchange, the HNX-Index rose by 0.49 point, or 0.23%, to 221.94 points. Trading volume totaled 43.7 million shares worth a total of VND708.4 billion.
