Hoa Phat Group has released its Q3/2022 finance report, showing a 12 percent decrease in revenue year on year, to VND 34.44 trillion, and post-tax profit of minus VND 1.786 trillion. However, it still earned high revenue and profit in January-September 2022, with VND 116.56 trillion and VND 10.443 trillion, respectively. 

According to Hoa Phat, Q3 profit fell because of weak demand in domestic and world markets while input material prices, especially coke coal, were much higher than usual.

According to Vicasa – Vnsteel’s Q3 finance report, its revenue was VND 477 billion, down by 17 percent year on year, while post-tax profit was minus VND 22 billion. Q3/2022 was the time with heaviest loss for Vicasa since 2009. The accumulated revenue by the end of September was VND1.84 trillion, down 4 percent, while net loss was VND 13 billion.

Thu Duc - Vnsteel reported net revenue increased to VND 410 billion, loan interest costs up by four times year on year, which led to its post-tax loss of VND 22 billion, compared to a loss of VND 640 million of the same period last year. This was the biggest quarterly loss since 2008. In January-September 2022, its net revenue was VND 1.5 trillion, down by 8.3 percent and net loss was VND 16 billion.

Thai Nguyen Steel (Tisco) reported a net revenue of VND2.6 trillion in Q3 and a post-tax loss of VND25 billion. If not counting other sources of income, Tisco would take a loss of VND38 billion from steel manufacturing.

Tien Len Steel (TLH) reported a net revenue of VND 1.1 trillion, up 27 percent, but accumulated profit decreased by 65 percent to VND 57 billion.

In April - August 2022, the price for structural steel decreased 15 times by VND6 million per ton. In late September, steel price rose again to VND 15-16.5 million per ton, but later, it decreased three times to VND 14.5-15.5 million per ton. The output reached 2.4 million tons in September, or 23.4 percent up from August. Meanwhile, sales were only 2 million tons, down by 7.2 percent. 

Ngoc Cuong