Steel giant Vnsteel posts $23 mln Q3 loss
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.
Vnsteel's head office at 91 Lang Ha street, Dong Da district, Hanoi. Photo courtesy of the company.
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.
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