Hoa Phat enjoys 27 percent profit growth in H1

Hoa Phat has posted revenue and post-tax profit gains of nearly 27.6 trillion VND in the first half. (Photo: thephoaphat.org)

Hanoi (VNA) - Hoa Phat has posted revenue and post-tax profit gains of nearly 27.6 trillion VND (over 1.19 billion USD) and over 4.4 trillion VND (190 million USD) in the first half of 2018, representing rises of 30 percent and 27 percent from the same period last year, respectively.

The results mean that the group has already completed 55 percent of its annual profit target of 55 trillion in revenue and 8.05 trillion VND in after-tax profit this year.

In the second quarter alone, Hoa Phat’s revenue hit over 14.4 trillion VND (over 621.5 million USD), while its post-tax profit stood at 2.2 trillion VND (94.9 million USD), a respective 34 percent and 43 percent higher than those of the corresponding period last year.

The firm produced 1.1 million tonnes of construction steel in the first six months, a slight increase from the same period last year.

Hoa Phat has still maintained its leading position in the country’s steel industry with a market share of 22.2 percent as its products are mostly consumed domestically.

Its high-quality wire rod steel products have continued to receive orders from both inside and outside the country. It sold a total of 116,00 tonnes of this product, including 58,000 tonnes to Australia, Japan, Malaysia, and the Philippines, accounting for more than half of its export volume.-VNA