Steel maker Hoa Sen Group’s profit soars 4.8 times

HÀ NỘI — Steel maker Hoa Sen Group (HSG) reported an estimated post-tax profit of VNĐ400 billion (US$17.3 million) in the fourth quarter of the 2019-2020 fiscal year, 4.8 times higher than last year.

The 2019-2020 fiscal year runs from early July 2019 to late September 2020.

The group expected revenue in the period to reach VNĐ8.3 trillion, up 31 per cent year-on-year. Consumption is estimated at more than 425,200 tonnes, up 46 per cent year-on-year.

Despite the impacts of the COVID-19 pandemic, Hoa Sen Group still implemented drastic measures to maintain positive earning results.

Instead of focusing on production and price competition, HSG emphasised the improvement of technology, product quality enhancement, market expansion and other aspects.