- 2022-10-31T00:00:00
- Company Research
- HPG released official Q3 2022 results that are consistent with the preliminary results announced on October 28 with revenue of VND34.1tn (USD1.4bn; -12% YoY & -9% QoQ) and a net loss of VND1.8tn (USD72.4mn) compared to quarterly high NPAT-MI of VND10.4tn (USD422.5mn) in Q3 2021 and VND4.0tn (USD164.6mn) in Q2 2022.
- Despite positive steel sales volume growth in 9M 2022, we attribute these weak Q3 results to 1) an unfavorable trend of both input material prices and output selling prices as well as 2) FX losses.
- For 9M 2022, HPG reported VND115.6tn in revenue (USD4.7bn; +10% YoY) and VND10.5tn in NPAT-MI (USD427.6mn; -61% YoY), fulfilling 77% and 47% of our respective full-year 2022 forecasts as stated in our latest Update Report, dated August 12, 2022.
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