Top steelmaker Hoa Sen appoints deputy general director

Steel producer Hoa Sen Group appointed Nguyen Minh Phuc as its deputy general director of production on Thursday after he completed his probationary period from February 21, 2022 to May 10, 2023.

Phuc holds a bachelor's degree in industrial engineering from the University of Technology and Education in Ho Chi Minh City. He joined Hoa Sen in 2005.

On May 31, the Ho Chi Minh Stock Exchange (HoSE) decided to include HSG shares of Hoa Sen on a list of securities ineligible for margin trading as the after-tax profit of its parent company as major shareholder was negative over a six-month period.

Hoa Sen posted consolidated net revenue of VND6.98 trillion ($297.5 million) from January-March, down 45% year-on-year, and after-tax profit of nearly VND251 billion ($10.7 million), up 7%, which is the second quarter of the firm's fiscal year 2022-2023.

An important factor driving the group's positive business results was the effective management of expenses. Financial expenses through the quarter reached VND75 billion ($3.2 million), down 42% year-on-year.

The group plans to focus on enhancing operational efficiency at 10 factories and its distribution network of more than 500 branches, stores, and warehouses nationwide.

As of March 31, 2023, the group's total assets had stood at over VND17 trillion ($724.48 million), of which liabilities reached VND6.59 trillion ($281 million), up 9% compared to the beginning of October 2022.

On the Ho Chi Minh Stock Exchange, HSG hit VND15,500 ($0.66) at Friday's close.