Steelmaker Hoa Phat reports bigger losses in Q4
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Hoa Phat Group, Vietnam’s biggest construction steel firm, posted net losses of nearly VND2 trillion ($84.7 million) in Q4 last year, higher than the losses of roughly VND1.8 trillion in Q3.
The company’s losses in Q3 was its first quarterly loss in 13 years.
Hoa Phat made revenues of VND26 trillion in the fourth quarter, seeing a year-on-year fall of 42%, bringing the total revenues last year to VND142 trillion, down 5%, due to weaker demand for various steel products.
Its after-tax profits were over VND8.4 trillion in 2022, down 76% against 2021.
The firm supplied the local market with 7.2 million tons of steel products, including 4.3 million tons of construction steel, last year, posting a year-on-year drop of 7%, and holding a market share of nearly 35%.
Questions & Answers
Q.What was the total revenue for Hoa Phat Group in the last financial year?
What was the total revenue for Hoa Phat Group in the last financial year?
The company’s total revenues for last year reached VND142 trillion. This figure represents a 5% decrease compared to the previous year, primarily due to reduced demand for steel products.
Q.When did Hoa Phat Group first record a quarterly loss before the recent financial results?
When did Hoa Phat Group first record a quarterly loss before the recent financial results?
Before the recently reported Q3 and Q4 losses, Hoa Phat Group had not posted a quarterly loss for 13 years. The loss in Q3 marked their first such downturn in over a decade.
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