HT1 - Net loss in Q3 following weak demand and high interest expenses

- HT1 reported a net loss of VND10bn (USD0.4mn) in Q3 2023 primarily due to a sharp decline in revenue amid weak domestic demand and high interest expenses.

- In Q3 2023, revenue was VND1.6tn (USD65.7mn; -21% QoQ & -30% YoY). HT1’s cement sales volume dropped 18% QoQ and 26% YoY to approximately 1.2 million tonnes, which was the lowest quarterly sales level in the last five years (excluding the abnormally low level in Q3 2021 due to COVID-19). HT1’s 9M 2023 cement sales volume was 3.9 million tonnes, down 21% YoY.

- HT1’s interest expenses remained high in Q3 2023 as the company took on short-term debt to facilitate working capital. HT1’s short-term debt balance as of end-Q3 2023 was VND2.1tn (USD85.5mn; -4% vs end-Q2 2023 & +11% vs end-2022). HT1 had no long-term debt as of end-Q3 2023.