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VNSteel (TVN) lost VND172 billion in Q3/2023 

 Wednesday, November 29,2023

AsemconnectVietnam - Vietnam Steel Corporation - Joint Stock Company (VNSteel, stock code TVN - UPCoM) has just announced its financial statements for the third quarter and accumulated 9 months of 2023.

In the third quarter, TVN's net revenue reached VND7,947 billion, down 7% over the same period last year, while cost of goods fell more sharply, down 12%, to VND176 billion, leading to corporate gross profit reaching VND176 billion, while the same period lost VND271 billion.
This period, TVN's financial revenue reached VND72 billion, down 74% compared to the same period last year. Costs were also simultaneously reduced, specifically: financial costs decreased by 25% to VND100 billion; Selling expenses decreased by 5% to VND52 billion and business management expenses decreased slightly by 2% to VND149 billion.
In addition, TVN also lost VND118.5 billion in joint venture companies. As a result, the Company's after-tax loss was VND172 billion in the third quarter of 2023, while the same period last year lost VND576.5 billion.
Accumulated in the first 9 months of 2023, Vietnam Steel's net revenue continues to decrease by 24%, to VND23,027 billion and loss after tax is VND453 billion (same period last year loss was VND412 billion).
Looking ahead, the Company forecasts that the global economic, socio-political, and security situation will continue to become complicated and unpredictable. Vietnamese businesses still face many difficulties in recovering production and business; Strategic commodities in the world market have many potential risks of price increases, exchange rate risks create pressure on the cost of importing raw materials, fuel, and domestic materials...
Faced with current difficulties, the Company has submitted to the General Meeting of Shareholders for consideration and approval of adjusting the production and business plan assigned for 2023 with the parent company's pre-tax profit target from VND52 billion to VND1 billion.
As of the end of the third quarter, total corporate assets reached VND23,284.6 billion, a slight increase compared to the beginning of the year. The company has VND1,517.7 billion in cash and cash equivalents; VND1,456.9 billion and short-term financial investment. Short-term receivables are VND2,953.8 billion, an increase of 18%; Of which, the Company has provisioned for short-term bad receivables of VND601.3 billion. Inventories decreased approximately 10%, to VND4,263.6 billion.
Capital construction costs increased by 4.3% compared to the beginning of the year, to 6,551.3 billion VND. The project to renovate and expand production of Thai Nguyen Iron and Steel Company alone accounted for nearly VND6,530 billion, of which capitalized loan costs were VND3,317 billion.
On the other side of the balance sheet, VNSteel's total debt is VND13,978 billion, an increase of 4.7%. A lot of debt comes from short-term payables to sellers of VND1,535 billion; short-term payable expenses VND2,161.6 billion; Short-term and long-term debt are VND5,767 billion and VND1,736.6 billion, respectively.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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