Listed steel companies reported positive business results in the first quarter of this year despite the impacts of the COVID-19 pandemic.
Giant steel maker Hoa Phat Group (HPG) earned revenue of 19.5 trillion VND (835.9 million USD) in the quarter, up 28 percent year-on-year.
The company reported post-tax profit of 2.3 trillion VND in Q1, up 27 percent against last year.
In addition to steel production, Hoa Phat also operates in other fields such as furniture, refrigeration, real estate and agriculture.
On the stock market, Hoa Phat shares (HPG) rose sharply after plummeting to the two-year bottom of 6,200 VND per share at the end of March this year. Currently, HPG is being traded at around 23,600 VND per share, approximately equal to the price recorded at the beginning of this year.
Hoa Phat’s market share of construction steel increased to 31.9 percent in Q1 with an output of nearly 733,000 tonnes after excluding steel billets. Of the estimate, the amount of exported finished steel products reached 135,000 tonnes, up 74.8 percent over the same period last year.
The provision of steel billets reached about 350,000 tonnes, mainly for export. The main export markets for steel billets are China and Southeast Asian countries. The company also provided the market with nearly 145,000 tonnes of steel pipes.
In March, Hoa Phat supplied a total of 486,000 tonnes of finished steel products and steel billets to domestic and foreign markets.
