Steelmaker Hoa Phat reports bigger losses in Q4

By Minh Son January 20, 2023 | 07:31 am PT

An employee stands inside a Hoa Phat factory. Photo courtesy of Hoa Phat Group

Hoa Phat Group, Vietnam’s biggest construction steel firm, posted net losses of nearly VND2 trillion ($84.7 million) in Q4 last year, higher than the losses of roughly VND1.8 trillion in Q3.

The company's losses in Q3 was its first quarterly loss in 13 years.

Hoa Phat made revenues of VND26 trillion in the fourth quarter, seeing a year-on-year fall of 42%, bringing the total revenues last year to VND142 trillion, down 5%, due to weaker demand for various steel products.

Its after-tax profits were over VND8.4 trillion in 2022, down 76% against 2021.

The firm supplied the local market with 7.2 million tons of steel products, including 4.3 million tons of construction steel, last year, posting a year-on-year drop of 7%, and holding a market share of nearly 35%.