Vietnam Steel Corporation (Vnsteel), Vietnam's leading steel maker, reported a loss of VND567.3 billion ($22.86 million) in the third quarter of the year due to costs exceeding selling prices and losses of its joint ventures and associates.
The company recorded revenue of VND8,589 billion ($346 million) in the period, down 5% year-on-year.
Vnsteel's selling prices in Q3 fell below costs, leading to gross loss of VND271.4 billion ($10.94 million), while the same period of last year saw a profit of VND354.47 billion ($14.28 million).
Moreover, its joint ventures and associates recorded a loss of VND283.09 billion ($11.41 million) in the period.
In the first nine months of the year, Vnsteel recorded revenue of VND30,378 billion ($1.22 billion), up 3.2% year-on-year and a loss of VND411.9 billion ($16.6 million).
By September 30, 2022, the giant's total assets reached VND25,673 billion ($1.03 billion), down 6.3% compared to the beginning of the year.
Currently, Vnsteel's largest shareholder is the State Capital and Investment Corporation (SCIC), with a 93.93% stake.
Vnsteel is listed on the Unlisted Public Company Market (UpCOM) as TVN. At the closing session on Friday, TVN shares were priced at VND4,100 ($0.17) per unit.