Several cement and steel companies have just announced their business results for the third quarter of 2023 with continued dismal results. This has increased the losses of many units. For example, Vicem Gypsum Cement Joint Stock Company (stock code TXM) announced that its net revenue in the third quarter of 2023 reached more than VND 27 billion, down by half compared to the same period last year and suffered a loss after tax of VND 752 million.
In the first 9 months of 2023, the company lost more than 3.6 billion VND while achieving net revenue of nearly 82 billion VND, down 53% compared to the same period last year. The business plan for the whole year set by TXM is revenue of nearly 300 billion VND and after-tax profit of only 169 million VND.
Many cement and steel businesses continue to suffer losses in the third quarter of 2023
Or Thai Nguyen Iron and Steel Corporation (stock code TIS) announced its consolidated financial report for the third quarter of 2023 with revenue of VND 2,414 billion, up 25% compared to the second quarter of 2023. However, many increased costs caused this iron and steel company to still report a pre-tax loss of VND 57 billion, 2.3 times higher than the same period last year. This is also the 5th consecutive quarter of loss for Thai Nguyen Iron and Steel Corporation.
In the first 9 months of this year, TIS achieved a total revenue of nearly VND 6,790 billion, down 29% compared to the same period last year. The company suffered a pre-tax loss of VND 193 billion, while in the same period last year it made a profit of VND 22 billion. Compared to the revenue plan of VND 15,826 billion and after-tax profit of VND 31.1 billion for the whole year of 2023, the company's ability to reach the finish line is still far away.
Similarly, Vicasa Steel Joint Stock Company - VNsteel (stock code VCA) announced its business results for the third quarter of 2023 with net revenue reaching nearly VND 390 billion - down 18% year-on-year and a loss of nearly VND 3 billion. However, thanks to the high results in the first 6 months of the year, in the first 9 months of 2023, VCA achieved revenue of VND 1,254 billion and still had a profit after tax of nearly VND 4 billion, up 128% year-on-year.
Sharing the same loss situation is Thu Duc Steel Corporation - VNSteel (stock code TDS), with net revenue of nearly VND327 billion, down 19% compared to the same period last year and a loss of VND491 million. In total, in the first 9 months, the company achieved net revenue of VND571 billion and after-tax profit of VND1.6 billion, down 49% and 73% respectively compared to the same period last year.
In addition, some businesses also had loss-making business results in the third quarter of 2023, such as Phuoc An Port Investment and Exploitation Petroleum Joint Stock Company (stock code PAP), which continued to have no revenue, only incurred business management costs, leading to a loss after tax of nearly VND 1.7 billion, while the same loss was VND 4.6 billion. Accumulated in the first 9 months of 2023, Phuoc An Port recorded a loss of nearly VND 5 billion.
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