Hoa Phat climbs to seven-month high on profit

Hoa Phat Group, Vietnam’s biggest steel producer, rose to its highest level in more than seven months in Ho Chi Minh City trading after posting a net income of VND402 billion (US$23 million) for January to April.

The shares rose by the maximum daily limit of 5 percent to VND52,500, the highest since October 3 on the Ho Chi Minh Stock Exchange.

Hoa Phat’s net income in the first four months is equal to 69 percent of this year’s target and sales were VND2.3 trillion, accounting for 36 percent of the 2009 projection, the company said in a statement on the exchange’s website Wednesday. The Hung Yen province-based mill did not provide year-ago figures.

Demand for steel rose after the government announced a stimulus package to boost spending for construction projects, the statement said. Hoa Phat’s steel output in April jumped to 32,600 metric tons, the highest level this year, according to the statement.

thanhnien, bloomberg

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