Hoa Phat Group posts growth in steel output, market share
Hoa Phat Group, a major industrial production group in Vietnam, manufactured more than 505,000 tonnes of steel in Q1 2017, up 27.9 percent year on year, and its market share expanded to 24.2 percent.
Hanoi (VNA) – HoaPhat Group, a major industrial production group in Vietnam, manufactured morethan 505,000 tonnes of steel in the first quarter of 2017, up 27.9 percent yearon year, while its market share expanded to 24.2 percent.
The group partly attributed the growth to thethriving property market and a surge in purchasing power.
It exported more than 52,000 tonnes of steel,mostly to the US, Canada, Australia and ASEAN countries in Q1 – equivalent tothe export volume of all of 2016.
In March alone, the firm sold more than 183,000tonnes of steel, increasing by two percent from the same period last year butdropping from 242,000 tonnes in February.
As a result, Hoa Phat’s steel market share wentup by two percentage points from the end of 2016.
In 2016, it held a 22.2-percent market sharewith 1.8 million tonnes of steel sold. The group made up about 25 percent oftotal steel pipe sales in Vietnam, retaining the top spot in the domestic steelpipe market.
It earned 33.88 trillion VND (1.49 billion USD)in revenue and 6.6 trillion VND (291.3 million USD) in post-tax profit lastyear, respectively soaring by 34 percent and 89 percent from a yearearlier.-VNA
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Illustrative image (Photo: VNA) 
