Hoa Sen forecasts $7 million first-half net income

Hoa Sen Group (HSG), a steel and plastic building products maker, expects a net income of VND123.8 billion (US$7 million) in the first six months, according to a company statement filed with the Ho Chi Minh Stock Exchange.

Hoa Sen, based in the southern province of Binh Duong, said its income in the second quarter rose nearly sevenfold from the first quarter to VND108 billion on higher sales. It did not give comparative figures for last year.

June’s sales climbed to 18,200 tons of steel products, up more than 26 percent from May. Production costs dropped after Hoa Sen was able to buy raw materials at lower prices, the statement said.

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