HPG announces surge in revenue and profits
Steel maker Hoa Phat Group (HPG) earned VND19.16 trillion (US$855.3 million) in revenue and VND 2.75 trillion ($122.7 million) in profits in the first nine months of 2015.
The group said compared with the same period last year, the revenue and profits grew 7.57 per cent and 6.63 per cent, respectively.
The group said most of the revenue and profits came from the construction steel sector, adding that the fodder section also contributed VND500 billion ($22.3 million) to the total revenue.
The group will launch the sale of the real estate project in 493 Truong Dinh in Ha Noi in Q1 next year. However, a Hoa Phat representative said it would not expand the real estate business.
Hoa Phat Group Chairman Tran Dinh Long said the reduction in iron ore would affect revenue and profits next year, adding that the price of one tonne of steel had fallen from VND14 million ($647) to VND9.5 million ($424) since early this year.
Hoa Phat is one of the largest steel makers in Viet Nam, with a registered capital of VND13.1 trillion ($584.8 million). On October 15, each share of Hoa Phat closed at VND32,700 ($1.45) on the HCM City Stock Exchange.