The recently released financial report paints a concerning picture, with the company only achieving 467 billion VND in the fourth quarter, a 10% decrease compared to the same period last year. This resulted in a net loss of nearly 99 billion VND.
The primary reason for this downturn is a nearly 10% drop in steel billet consumption, totaling 36,041 tons. In addition to revenue pressures, Cao Bang Steel Company faced significant challenges due to increased operating costs. Selling expenses surged dramatically, a 23-fold increase year-over-year, due to unforeseen steel billet transportation costs. Moreover, the company had to allocate 32 billion VND to the state budget for land clearance and resettlement in Cao Bang province.
Reflecting on the full year of 2024, the financial outlook becomes even more grim. The company’s revenue reached only 2,188 billion VND, a 26% decline from 2023, resulting in a net loss of 150 billion VND—the heaviest loss since 2017.
– 18:40 24/01/2025
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