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Vietnam’s Thai Nguyen Iron and Steel Sees 2016 Profit Tripling

  • Wednesday, 02 November 2016 00:00

Thai Nguyen Iron and Steel Corporation (Tisco) earned a profit of more than VND208 billion (US$9.28 million) after taxes in the first nine months of 2016.

This was nearly triple the profit of the same period in 2015, helping to wipe aggregated loss incurred in the previous year. At the end of last year, Tisco incurred an aggregated loss of US$8.41 million.

According to Tisco’s financial report, the company earned revenue of more than US$268.8 million in the nine-month period. This was a slight increase over the same period last year.

In the third quarter however, Tisco's revenue and profit both decreased over the same period last year by 4.8 and 52.8 percent, respectively.

The company’s report also revealed that the value of unfinished construction amounted to nearly US$210.6 million until the end of September, of which more than $201.6 million was of their integrated steelworks expansion project.

Launched in 2007, the expansion project remains unfinished, with approved estimated investment doubling.

APMEN Business News, Nov 2016

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