Many Vietnamese Steel Mills Report Losses in Q3

Release time：Nov 07, 2019 From：admin

Most steel enterprises in the Vietnam have reported Q3 losses or a plunge in profits. The biggest Q3 loss was suffered by Pomina Steel which reported VND 119 billion (USD 5.14 million) post-tax loss in the third quarter, with revenues falling 14.5% YoY to VND 3 billion (USD 129.47 million). The Tien Len Steel Group also reported a VND 9 billion (USD 388,500) post-tax loss after two quarters of falling profits. Vietnam Italy Steel posted tax loss for the third quarter was VND 75.3 billion (USD 3.25 million), roughly double the loss of the previous quarter.

Vietnam’s biggest steel-maker Hoa Phat Group was one of the few companies that reported profits in the third quarter, albeit lower than the last. Despite a 6.6% increase in revenue to VND 15.1 trillion (USD 651,700), post-tax profits fell 27% YoY to VND 1.8 trillion (USD 77.68 million), and down 10 percent from the previous quarter. The company cited falling global prices for steel for the decline.