Steelmaker Hoa Phat posts big loss in fourth quarter

Hoa Phat Group, Vietnam's largest construction steel company, posted a net loss of nearly VND2 trillion ($84.7 million) in the fourth quarter of last year, higher than a loss of roughly VND1.8 trillion. VND in the third quarter.

The company's loss in the third quarter was its first quarterly loss in 13 years.

Hoa Phat's fourth-quarter revenue was VND26 trillion, down 42% year-on-year, bringing last year's total revenue to VND142 trillion, down 5% due to weaker demand for various steel products.

Its after-tax profit was over VND8.4 trillion in 2022, down 76% from 2021.

Last year, the company supplied 7.2 million tons of steel products to the local market, including 4.3 million tons of construction steel, down 7% year-on-year, with a market share of nearly 35%.