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VietNamNews

HSG reports massive 58% increase in profits

Update: January, 09/2014 - 09:19
In its annual shareholders' meeting in HCM City, the group confirmed that it had earned after-tax profits of VND581 billion (US$27.67 million).— File Photo

HCM CITY (VNS)— Hoa Sen Group (HSG), the nation's leading steel and corrugated iron producer, yesterday reported an impressive growth in their profits of 58 per cent for the fiscal year 2012-13, despite the many challenges facing the domestic steel sector.

In its annual shareholders' meeting in HCM City, the group confirmed that it had earned after-tax profits of VND581 billion (US$27.67 million).

During the same period, the group said, it had reached total sales of more than 634,100 tonnes and gained revenues of over VND11.7 trillion ($577.1 million). Year-on-year, these figures jumped by 32 per cent and 17 per cent respectively.

About 280,000 tonnes of its products were exported to 40 nations and territories, earning nearly $252 million.

Chairman Le Phuoc Vu attributed the successful results to the group's strong decisions to invest in big projects as well as to develop distribution systems in Viet Nam and their trademark within the community.

Vu said that in the coming months, his group would continue to expand their market into regional countries by opening more plants and representative offices in Southeast Asia.

For the next fiscal year, which is predicted to be similarly difficult, the group plans to further develop their core business of producing corrugated iron, steel pipes and plastic pipes.

In the 2013-14 fiscal year, HSG aims to sell a total of 700,000 tonnes. It also plans to reach revenues of VND14 trillion ($666.7 million) and gain after-tax profits of VND600 billion ($28.6 million).

The same day, Euromoney, the world's famous financial magazine, awarded Hoa Sen Group the Best Managed Company in Asia 2014 in the metal and mining sector.

The prize was chosen by 130 analysts from famous banks and research institutions in the Asia Pacific region, following thorough research into 207 companies in the region. — VNS

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