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HPG: Explanation for business result in July 2010
Hoa Phat Group Joint Stock Company (HPG) has explained business result in July 2010 as follows:
* HPG earned VND1,302 billion in sales and VND102 billion in after-tax profit in July 2010. For accumulation of 7 months, sales was VND7,254 billion or 58% of the year plan and after-tax profit was VND734 billion or 54% of the year plan.
* The steel industry has recovered well during the last time. In July 2010, consuming output of HPG was more than 62,000 tons, increasing 30.4% compared to the previous month. HPG has still kept position in Top 3 of the market share throughout the country. Especially, the steel making-rolling plant belonging to the Hoa Phat Iron and Steel complex area has run with capacity of 25,000 tons of steel per month. The whole complex area tries to achieve 90% of capacity at the end of 2010.
* The Hoa Phat steel pipe also contributed to high profit of HPG. Opening the Binh Duong steel pipe plant has strengthened supply source for southern and export markets.
* Besides, trading furniture products brought profit to HPG. Although it was in the low season, furniture products of HPG were still highly demanded. Furniture plants of HPG had to run with 100% capacity. HPG has just started building a manufacture plant in Binh Duong Province to meet needs of southern and export markets.
* In July 2010, HPG successfully issued bonds worth VND800 billion with interest rate of 14.5%/year without secured assets. Issuing bonds confirmed prestige and brand name of HPG to local and foreign financial institutions.
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