Hoa Phat raises profit target on economic growth

Hoa Phat Group Joint-Stock Company (HPG) Vietnam’s biggest steel producer, raised its full-year profit target by 57 percent after first-half earnings exceeded its forecast on an economic recovery.

Net income will reach VND920 billion (US$52 million) for the year ending December 31, compared with a March estimate for VND585 billion, Hoa Phat said in a statement on its website Tuesday. The company, based in Hung Yen Province, near Hanoi, Tuesday reported first-half profit rose to VND650 billion.

The Ho Chi Minh Stock Exchange’s seventh-biggest company said steel sales rose 8 percent in the first five months to 130,000 tons, according to a separate statement on June 3.

Hoa Phat also raised its annual sales forecast to VND7 trillion, from a previous estimate of VND6.4 trillion. Revenue in the first six months was about VND3.5 trillion, about 55 percent of the previous full-year target, the company said.

thanhnien, bloomberg

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