Analyst Pin-board: HSG – Net income grew impressively despite COVID-19
1H/FY19-20 results
In 1H/FY19-20, HSG’s profit growth was strong despite lower selling volume. HSG’s net income increased by 228% and reached VND 382 billion, equivalent to 96% of its annual net income plan. The surge in its net income was supported by HRC prices, which increased by 23% from USD 420/ton in October/2020 to USD 518/ton in late-January/2020. Regarding selling volume, HSG sold roughly 700 thousand tons of products, of which 27 thousand tons were plastic pipes (+14% YoY). Social-distancing for COVID-19 had a limited negative impact on HSG’s selling volume, as coated steel and steel pipes sales volume decreased by 5% and 13% respectively. In April, its selling volume was still stable and similar compared to March/2020.
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