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Hoa Phat profit falls 33 percent, shares decline
The Hoa Phat Group Joint Stock Company, Vietnam’s biggest listed steel producer (HoSE: HPG), said profit in the first two months of the year fell 33 percent as the global recession cut steel demand.
Net income fell to VND180 billion (US$10 million) in the two months ending February 28, from VND269 billion a year earlier, according to an e-mailed statement Monday. Sales reached VND967 billion in the period, the company said, without providing comparable figures.
The slowing global economy has crimped demand for steel from manufacturers and builders worldwide. Consumption in Vietnam’s domestic market fell 28 percent to 220,000 metric tons in the first two months from a year earlier, Pham Chi Cuong, chairman of the Vietnam Steel Association, said last week.
Shares of the company, based in the northern province of Hung Yen, fell 0.4 percent Monday to VND27,400 at the close. The company had lost 54 percent of its share value last year.
Bloomberg, thanhnien
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