AsemconnectVietnam - Pomina Steel JSC (code POM) has just announced its Q1/2025 financial statements with a loss reduction of 29% compared to the same period last year, but still has an accumulated loss of VND2,697.5 billion, equivalent to 96.4% of charter capital.

Explaining the reason for the delay in submitting the Q1/2025 report, Pomina said that it was due to fluctuations in personnel situation, checking, comparing and synthesizing data between affiliated units that required a lot of time, affecting the progress of preparing and submitting reports.
In Q1/2025, Pomina Steel had net revenue of nearly VND1,030 billion, an increase of 118.3% over the same period last year. Thanks to no longer operating below cost price, POM's gross profit reached approximately VND60 billion, while in the same period it had a gross loss of VND6.4 billion.
In terms of expenses, in this period, the Company's financial expenses increased by 20.7% to VND175.7 billion, with interest expenses alone at VND159 billion. Meanwhile, sales expenses decreased by 90% to only VND379 million and business management expenses decreased by 15% to VND47.1 billion. In addition, POM's other expenses also decreased by 81% to VND5.5 billion.
As a result, POM's after-tax loss was VND159.3 billion in the first quarter of 2025, down 29% compared to the loss of VND225 billion in the same period last year.
Pomina Steel said that in the first quarter of this year, the Company recorded a lower loss than the same period due to the lower after-tax loss from its subsidiaries compared to the same period last year thanks to improved operating efficiency of its subsidiaries. This helped reduce the provision for financial investment losses, thereby reducing the consolidated loss.
At the same time, the Company continues to control irregular expenses, other expenses, etc. to minimize costs because the factory is still in a state of temporary suspension of operations.
With continued losses in the first quarter of 2025, as of March 31, 2025, Pomina Steel had an accumulated loss of VND2,697.5 billion, equal to 96.4% of charter capital (charter capital of VND2,796.8 billion).
The scale of Pomina's assets by the end of the first quarter reached VND10,200 billion, a slight increase compared to the beginning of this year. Of which, the largest proportion was unfinished construction costs with more than VND5,700 billion, all of which were in the cost of building blast furnaces and EAF furnaces. In addition, inventories decreased slightly to about VND738 billion; cash and cash equivalents were at VND326 billion.
On the other side of the balance sheet, POM still has VND10,034 billion in payables, also a slight increase compared to the beginning of the year. POM's debt is concentrated in loans, including VND5,716 billion in short-term loans and VND719 billion in long-term loans.
To solve the financial problem and promote business activities, in the middle of last year, Pomina signed a strategic cooperation with Nansei (Japan) to provide raw materials for the Pomina 2 steel plant to operate at maximum capacity from September 2024. In addition, the Company announced that it had signed a memorandum of understanding with an investor to restart the blast furnace project earlier this year. The management at that time said this was to catch the wave of public investment and real estate projects expected to recover in 2025.
N.Nga
Source: VITIC/Tinnhanhchungkhoan