Hoa Phat Group overcomes targets of 2010

Hoa Phat Group has overcomed the targets of revenue and profit 2010 with estimated VND 14,492 billion of revenue, reaching 117% of plan and VND 1375 billion of profit after tax billion, equivalant to 102% of the plan. As compared with 2009, HPG grew 175% in revenue and 108% of profit.

Thank to a variority of HPG large projects which deployed by in recent years has put into stable operation, contributing to revenue and profit of the Goup. Notably, Hoa Phat Steel Integrated Complex in Hai Duong Province has completed phase 1 and reached 90% of capacity for steel and 100% of design capacity of coke and thermal electricity, bringing total capacity of Hoa Phat Steel in 2010 to nearly 600,000 tons. Hoa Phat rises to No. 3 of the Top three steel producers in Vietnam.

The Group’s a new area of the real estate were positively implemented last year with a series of primary location projects in Hanoi: office and apartment building 257 Giai Phong street will complete by early 2012; Mandarin Garden Complex in Hoang Minh Giam - "The best position" in the west of Hanoi, expected to introduce model house and sale by early 2011. After 2-3 years, real estate segment is expected to contribute over 30% profit of the Group.

In recent years, Hoa Phat Group also issued VND 800 billion of 3-year term bonds successfully in the context of volatile market. In addition, the HPG is also interim 20% of dividend 2010 in cash on January 12/2010. This is considered as a positive action to support investors as well as demonstrate a strong financial capacity of the Group. 

In 2011, with the rough deployment of real estate projects as well as phase 2 of the Hoa Phat steel Integrated Complex, Hoa Phat Group plans to reach VND 16,000 billion of revenue and 1620 of net income, increasing 18% over 2010.

HPG