Quarter I/2011, HPG reached VND 550 billion profit after tax, doubling over the same period last year

In the first quarter of 2011, Hoa Phat Group has achieved high result with VND 4,800 billion of revenue and VND 550 billion profit after tax. As compared to the same period in 2010, Hoa Phat has increased 1.87 times of revenue and almost double (1.95 times) of profit after tax.

Recently, with the strong support of the Ha Tinh Provincial Party and People Committee as well as experience in implementing projects of minerals, Hoa Phat Minerals joint stock Company and Ha Tinh Minerals & Trading Corporation (Mitraco) has contributed capital to establish Hoa Phat Mitraco Minerals joint stock Company. The main function of the company is to implement the project of iron ore processing plant in Thach Khe iron mine, where has largest iron ore reserves in Vietnam. Hoa Phat Minerals holds 63.5% shares of this venture.

The establishment of this venture once again affirms Hoa Phat brand’s reputation and prestige in the mineral sector with the self-contained investment projects. The deployment of Hoa Phat Mitraco will contribute Hoa Phat to taking initiative the whole iron ore input for Hoa Phat Steel Integrated Complex in Hai Duong, especially when the second phase of the complex will go into operation by 2012.

HPG