Hoa Phat (HPG) posts record-high quarterly profit

Leading steelmaker Hoa Phat Group posted its highest ever quarterly profit in the second quarter at VND9.7 trillion ($423 million), tripling year-on-year.

A steel product of Hoa Phat Group. Photo courtesy of Hoa Phat Group.

In the first six months, profit also tripled year-on-year to VND16.7 trillion, while revenue surged 67 percent to nearly VND66.9 trillion.

The company made over four million tons of raw steel in the first half, up 55 percent year-on-year.

Hoa Phat stated it managed to "keep prices lower than global rates" even though material prices shot up in the first half.

In husbandry, the company maintained its place as having the largest Australian cow herd in the country and eyes a herd of 450,000 this year.

The company also provided around 730,000 eggs to the market each day.

Its HPG ticker has risen 55 percent this year.


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