Hoa Phat Group earns VND-99bln profit in March

VNStockNews.com - Hoa Phat Group Joint Stock Co (HPG) announced that in March, it achieved 99 billion dong in after-tax profit, lifting the total figure of the first quarter to 280 billion dong (76 billion dong in Jan, 104 billion dong in Feb).

Among 99 billion dong of March profit, 63 billion dong was earned from steel sales.

Also, the finance ministry recently raised the import tariff on steel billet from 5% to 8% and some finished steel products from 12% to 15% starting April 1, which will create competitive advantages for Hoa Phat branded steel.

Last year, HPCG’s revenue from sales and service provision attained 8.502 trillion dong, a year-on-year growth of 48% and exceeding 11% compared to 2008’s plan, 859 billion dong in after-tax profit while its EPS was 4,439 dong, surpassing 274 dong against the targeted 4,165 dong.

In 2009, HPG plans 6.318 trillion dong in revenue and 585 billion dong in after-tax profit, decreasing by 270 billion dong against the previous year.