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Steel giant reports 27% revenue growth

Update: January, 20/2015 - 08:10
Hoa Sen Binh Dinh steel pipe plant project of giant steel maker Hoa Sen Group. The corporation has reported a 27 per cent jump in revenue in 2013-14. — Photo hoasengroup.vn

HCM CITY (VNS) — Giant steel maker Hoa Sen Group has reported a 27 per cent jump in revenue in 2013-14.

At its annual shareholders' meeting in HCM City on yesterday, the company reported revenues of VND15 trillion (US$714 million) and after-tax profit of VND410 billion ($19.5 million).

Though the profit figure was just 71 per cent of the previous year's, HSG chairman Le Phuoc Vu called it a "very successful" result because the company had faced many difficulties like falling steel prices, devaluation of some importers' currencies, fake steel products, and anti-dumping issues.

In 2014-15 – which started on October 1 — HSG is targeting the domestic market by strengthening its distribution system, opening 50 more branches across the country.

It targets net profit of VND450 billion on sales of VND16.5 trillion. — VNS

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