Steel maker Hoa Sen Group (HSG) has reported a surge in second quarter profits that saw it achieve virtually the full financial year's profit target in just the first six months. The after-tax profit in the January-March quarter rose to VNĐ418 billion (US$19.1 million)) to take the year-to-date profit to VNĐ605 billion ($27.7 million), or 92 per cent of the year's target.
Revenues in the second quarter and first half respectively were VNĐ4.1 trillion ($188 million) and VNĐ8 trillion ($367 million).
The sharp rise in profits is attributed to the rising global steel prices and increasing domestic demand thanks to the current building boom.
In Q2, the company sold 319,000 tonnes, an almost 18 per cent rise, including 118,000 tonnes of exports.
HSG is one of the country's biggest steel makers with plants around the country. Its financial year is from October 1 to September 30.