Post-fire losses darken days for light bulb maker

January 31, 2020 | 07:11 pm GMT+7
Post-fire losses darken days for light bulb maker
Water is sprayed on half-burnt materials at Rang Dong light bulb warehouse, September 12, 2019. Photo by VnExpress/Ngoc Thanh.

Light bulb maker Rang Dong, whose Hanoi warehouse was gutted by a fire, has reported Q4 losses of almost VND36 billion ($1.5 million).

It was the second quarter that Rang Dong Holding Plastic Jsc has reported losses since it RAL stock was listed in 2006.

"The loss reflects the damage of the warehouse fire on August 28, 2019," the company said in its financial report to the Ho Chi Minh City Stock Exchange (HoSE).

A five-hour blaze caused by a short circuit destroyed a third of Rang Dong’s stocks at its warehouse in Hanoi’s Thanh Xuan District, releasing an estimated 15.2-27.2 kilograms of mercury into the environment, which forced residents in the area to evacuate.

The company received an insurance payment of VND150 billion ($6.47 million), close to the loss it had quantified after the fire.

For the whole 2019, Rang Dong’s revenue rose 17.5 percent year-on-year to VND4.26 trillion ($183.8 million), with an after-tax profit of VND125 billion ($5.4 million).

Last November, the company approved a plan to build a VND2.5 trillion ($107.9 million) factory in Hanoi’s Hoa Lac Hi-tech Park.

 
 
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