Tuesday, October 8,2024 - 23:3 GMT+7  Việt Nam EngLish 

Thai Nguyen Iron and Steel (TIS) lost anotherVND 58.5 billion in Q3/2023 

 Wednesday, October 18,2023

AsemconnectVietnam - Thai Nguyen Iron and Steel Joint Stock Company (Tisco, stock code TIS - UPCoM) has just announced its consolidated financial statements for the third quarter and accumulated 9 months of 2023.

In the third quarter, Tisco recorded net revenue of VND2,413.8 billion, down 7% over the same period last year. Cost prices also decreased by 7%, to VND2,380 billion, so the company's gross profit reached VND33.8 billion, down 24% over the same period.
The company said that in the third quarter of this year, the steel consumption market faced many difficulties, output and selling prices decreased while input material prices were high. Of which, rolled steel consumption decreased by more than 14,490 tons, equivalent to a decrease of 8.3% over the same period.
The bright spot is that this period, TIS's financial revenue reached VND10.14 billion, 3.76 times higher than the same period. However, costs also increased by 14% to VND43.4 billion due to increased interest expenses and reduced reversal of long-term investment provisions.
Management costs increased sharply by 36% to VND48.9 billion mainly due to the third quarter of 2022 having a salary reserve reversal of VND27.2 billion. Selling costs were reduced by 8% to VND10.2 billion.
As a result, the Company's profit and loss after tax was VND58.5 billion, while the same period loss was more than VND25 billion. This is also the 5th consecutive quarter that Tisco is in losses.
Accumulated in the first 9 months of 2023, Tisco recorded net revenue of VND6,790 billion, down 29% over the same period, and a loss after tax of VND194 billion, while in the same period last year the profit was more than VND7 billion.
As of the end of the third quarter, total corporate assets reached VND10,690.8 billion, an increase of more than 5% compared to the beginning of the year. Of which, the Company also holds more than VND108.7 billion in cash and bank deposits. Tisco still has nearly VND1,000 billion in short-term receivables from customers and a reserve of up to VND347.7 billion for bad short-term receivables. TIS's inventory remains VND1,790.2 billion, a slight increase compared to the beginning of the year, mainly raw materials and finished products.
In addition, Tisco still has nearly VND6,530 billion in the Iron and Steel Improvement Project phase 2. The total investment cost of the entire project according to the initial estimate is VND3,843.67 billion and according to the approved adjusted estimate. The total new investment of the project is VND8,104.9 billion, the main contractor is China Metallurgical Group Corporation.
Currently, the project has taken longer than originally expected, Tisco's Board of Directors and Vietnam Steel Corporation continue to negotiate with contractors and coordinate with relevant state agencies to resolve difficult for the project. By September 30, 2023, the total investment value of the implemented project is VND6,530 billion, of which, capitalized loan interest is VND3,317 billion, the main costs incurred in the first 9 months of 2023 are capitalized loan costs.
On the other side of the balance sheet, TIS's total liabilities are VND9,011.1 billion, an increase of more than 9.5%. TIS's short-term and long-term debt alone is VND2,872 billion and VND1,734.5 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

  PRINT     BACK


 © Vietnam Industry and Trade Information Center ( VITIC)- Ministry of Industry and Trade 
License: No 115/GP-TTĐT dated June 05, 2024 by the Ministry of Information and Communications.
Address: Room 605, 6 th Floor, The Ministry of Industry and Trade's Building, No. 655 Pham Van Dong Street, Bac Tu Liem District - Hanoi.
Tel. : (04)38251312; (04)39341911- Fax: (04)38251312
Websites: http://asemconnectvietnam.gov.vn; http://nhanhieuviet.gov.vn
Email: Asem@vtic.vn; Asemconnectvietnam@gmail.com 
 

Hitcounter: 25714921688