Hoa Phat gains VND910 billion profit after tax in the first quarter

End of quarter I/2014, Hoa Phat Group reached VND 6,576 billion of revenue and 910 billion of net profit, respectively 29% and 41% to the 2014 plan.

According to the Group leaders, these good business results are primarily due to the steel segment maintaining stable earnings and recording revenue of apartment sales of Mandarin Garden project.

In the first three months, Hoa Phat construction steel consumed nearly 200,000 tons, an increase of 27 % over the same period and continues to strengthen its position as No. 2 in the domestic market share with 17 percent (an increase of 1.8 % compared to end of 2013). For steel pipe product, sales volume in the first quarter exceeded 30% compared to the same period in 2013.

Also in the first quarter, Hoa Phat Refrigeration company has completed investment to upgrade production lines to raise freezer capacity up to 300,000 products per year, since late of March 2014. Currently, the Company's factories are operating at full capacity to meet the market, especially air conditioner, fridge, freezer.

In 2014, Hoa Phat targeted sales of VND23,000 billion and 2,200 billion profit after tax, which approved by the General Meeting of Shareholders.

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