July 2010, HPG reached VND 102 billion after-tax profit

Following good business results of last quarter II/2010, Hoa Phat Group (HPG) reached VND 1302 billion of revenue and 102 billion of profit after tax. Accordingly accumulation in 7 months, HPG reached VND 7.254 of revenue and 734 billion after-tax profit, equivalent to 58% and 54% of the year plan. 

Rebound of the steel industry was very positive signal to the growth of Hoa Phat Steel product last month. Particularly in July 2010, Hoa Phat Steel consumption reached over 62,000 tons, up 30.4% from the previous month, continuing to maintain top three positions in the market share of steel enterprises nationwide. In particular, steel rolling plant in Hoa Phat Steel Integrated Complex has reached capacity about 25,000 tons of steel per month and striving for 90% of design capacity by the end of the year.

Hoa Phat Steel Pipe also contributed significantly to the Group’s field of steel production and business with the opening of the steel pipe factory in Binh Duong, thereby, enhancing the supply of steel pipes for the southern region and export target.

The Group’s other sector which keeps very good growth both turnover and profit is furniture. Despite of the low season, demand for Hoa Phat furniture even remains very high, so the plants must be running 100% of capacity to meet market needs. Hoa Phat Furniture Company has also constructed a manufacturing plant in Binh Duong province to meet the needs of the southern and export market. 

Especially in the previous month, Hoa Phat Group has successfully issued VND 800 billion of bonds with the interest rate of 14.5% per year and no property. The success of this bond issue has confirmed the reputation of Hoa Phat brand to financial institutions in the country and abroad.

HPG