Steel giant's profit triples in 9 months
Steel giant's profit triples in 9 months
Thai Nguyên Iron and Steel Corporation (Tisco) earned after-tax profit of more than VND208 billion (US$9.28 million) in the first nine months of this year.
The company nearly tripled the profit of the same period last year.
This helped the steel giant wipe out its aggregated loss incurred in the previous year. At the end of 2015, Tisco incurred an aggregated loss of VND187.8 billion.
According to the financial report which Tisco announced on October 20, the steel giant earned revenue of more than VND6 trillion in the nine-month period, increasing slightly over the same period last year.
However, in the third quarter alone, Tisco's revenue and profit both decreased over the same period last year by 4.8 per cent and 52.8 per cent, respectively.
Its report also revealed that the value of unfinished construction amounted to nearly 4.7 trillion until the end of September, of which, more than 4.5 trillion was of the second-phase expansion project. The expansion project was launched in 2007 but remains unfinished, with approved estimated investment doubling.
Tisco has been listed on UPCoM since March 24, 2001. It traded at VND6,300 per share today.
