AsemconnectVietnam - The resumption of operations helped Pomina Steel Joint Stock Company (POM) reduce its losses in the first half of 2026. However, the company still has accumulated losses of over VND3,800 billion, along with a difference of nearly VND6,000 billion between short-term liabilities and short-term assets, leading auditors to question its going concern ability.

In the first half of 2026, Pomina Steel reported a loss of over VND329.3 billion due to the group's production activities only being restored from March 2026 and gradually increasing capacity. The Pomina 3 Steel Billet Smelting Plant has not yet resumed operations, while the group continues to incur maintenance, repair, and related fixed costs.
However, compared to the loss of over VND382 billion in the same period last year, POM's losses this year have decreased. This is due to the resumption of production and sales activities at Pomina Steel Plant 1 and Pomina Steel Joint Stock Company 2 from March 2026, resulting in a net revenue increase of VND454 billion and a gross profit increase of VND60 billion compared to the same period.
In addition, financial expenses decreased by VND42 billion; however, other expenses still increased; specifically, selling expenses increased by VND21 billion, administrative expenses increased by VND3 billion, and other losses increased by VND28 billion.
The loss in the first six months also pushed POM's cumulative losses to over VND3,821.5 billion as of the end of the second quarter.
AFC Vietnam Auditing Company Limited further pointed out that, as of June 30, 2026, the Group's short-term liabilities exceeded its short-term assets by more than VND5,977.8 billion (compared to nearly VND7,478.3 billion as of January 1, 2026). This condition, along with other issues, indicates the existence of material uncertainties that could lead to significant doubts about the Group's ability to continue operating.
Previously, at the 2026 Annual General Meeting, Pomina Steel approved its business plan for this year with revenue of VND8,511.2 billion and projected EBITDA of VND473.62 billion. For 2027, the company plans for projected revenue of VND13,194.3 billion and projected EBITDA of VND941.4 billion.
In a recent explanatory document, Pomina Steel stated that its business plan for the 2026-2027 period is based on the cooperation and support agreement dated March 31, 2026, between Pomina and Vinhomes for the 2026-2027 period. Simultaneously, the company is actively working with domestic and foreign investment partners and will develop a specific plan before September 30, 2026.
Based on the measures already implemented, the Board of Directors will continue to prepare separate and consolidated interim financial statements for 2026, based on the going concern assumption.
Source: VITIC/Bao Tai chinh – Dau tu