Posted on 03 Aug 2023
In the second quarter of the year, Vietnam’s Hoa Phat Group saw revenue and profit after tax improve significantly on-quarter, but both amounts were still lower than a year earlier, according to the company’s announcement.
In Q2, Hoa Phat recorded sales revenue of VND 29.8 trillion ($1.25 billion), up nearly 11% from Q1 but down 21% compared with the same period of 2022. Profit after tax, meanwhile, surged 3.78 times over Q1 to around VND 1.45 trillion, despite a yearly decrease of 64%, Kallanish notes.
Between January and June this year, revenue and profit after tax accumulated to VND 56.67 trillion and VND 1.83 trillion, which slumped 31% and 85% from a year ago respectively. Hoa Phat also said that its half-year profit only reached 23% of its full-year target.
The group also says its focus now is the implementation of Dung Quat 2 Iron and Steel Complex Project, with 5.6 million tonnes/year of hot rolled coil capacity. The expansion is 30% completed. The project is expected to be operational in 2025.
Source:Kallanish
