Corporate giants upbeat on Q3 results
Corporate giants upbeat on Q3 results
Thirteen of the 30 largest companies on the HCM Stock Exchange have reported third-quarter earnings, of which nine firms saw increases in revenues and profits while four witnessed their businesses sag.
Steelmakers showed the strongest growth in the last three months of this year. The two biggest listed steelmaking firms, Hoa Phat Group (HPG) and Hoa Sen Group (HSG), both posted striking results.
Hoa Sen Group (HSG) earned VND9.3 trillion (US$417 million) in revenues and VND764 billion in net profits in the third quarter, up 23 per cent in revenues and 200 per cent in profits over the same period of last year.
Similarly. Hoa Phat Group (HPG) posted VND8.3 trillion in total sales and VND1.6 trillion in net profits. As of September's end, the company made VND4.7 trillion in profits, up 60 per cent year-on-year and surpassing its yearly target by 45 per cent.
"This is the best nine-month business result in our history," the steelmaker said.
Financial firms and banks were also upbeat following their positive earnings in the first nine months of this year.
Saigon Securities Inc (SSI), the largest brokerage firm on both HCM City and Ha Noi Stock Exchanges by the market shares, saw high increases in both revenues and profits. It posted VND690 billion in revenues and VND406 billion in profits in the third quarter, up 80 per cent and 50 per cent year-on-year, respectively. Its nine-month profits rose 53 per cent during the period, reaching VND947 billion.
The HCM City Securities Corporation announced VND229 billion in profits in the first nine months, a rise of 59 per cent over the same period of last year.
To date, two banks have reported their nine-month earnings. Vietcombank (VCB), the second largest-valued lender, had pre-tax profits of over VND1 trillion, up 40 per cent year-on-year, while net profits of BIDV (BID) increased just 7 per cent during the period, taking in VND4.6 trillion.
The biggest listed firm, Vietnam Dairy Products JSC (Vinamilk), witnessed revenues up 18 per cent and pre-tax profits up 27.6 per cent in the last three quarters, being VND35.1 trillion and over VND9 trillion, respectively.
Big earners also included software producer FPT Corporation (FPT) with profits of over VND2 trillion, up 2 per cent year-on-year, and PetroVietnam Power Nhon Trach 2 JSC (NT2) with VND860 billion in profits, up 24.3 per cent.
On the other end of spectrum, PV Gas (GAS) saw a steep fall in profits due to decreasing global oil prices. GAS's nine-month net profits declined 46 per cent year-on-year to VND4.2 trillion.
The average global oil prices declined 25 per cent, from $60 per barrel in July-September last year to $45 per barrel in the last three months. Crude oil was traded around $50.6 per barrel last week. Market insiders forecasted that the oil price can rebound to $56-$62 per barrel.
Petrovietnam Fertilizer & Chemicals Corporation (DPM) and HCM City Infrastructure Investment JSC (CII) also witnessed their profits down 16 per cent and 20 per cent, respectively.
