Tien Len Steel Co gains profits of 77b dong in Jan-April

The southern bourse-listed Tien Len Steel Group Joint Stock Co (coded TLH) reported gaining April revenue of 500 billion dong and profit after tax of 20 billion dong. Therefore, after the first four months of this year, TLH’s accumulative revenue was estimated at 879.28 billion dong and after tax profit of 77.21 billion dong.

Duong Quang Binh, Tien Len Group’s vice general director targeted to earn Q2 revenue of 1.5 trillion dong and profit of 68-80 billion dong.

The company announced to have about 110,000 tonnes of steel in storage. Although at present, the steel price dropped, it didn’t affect much to the company’s profit because the price of stockpiled steel was counted at 9-10 million dong per tonne, compared to the company’s market price of 13-14 million dong per tonne.

In other business lines, as planned, the company will finish the general plan at a ratio of 1/500 for An Phuoc residential quarter in Long Thanh Dist, Dong Nai province in June 2010. The construction on infrastructure facilities in this project is expected to start in August. The project is sited on an area of 83,665 square metres with total investment capital of 163 billion dong.

In 2010, TLH planned to reach total revenue of 5.178 trillion dong, pre-tax profit of 350 billion dong and after tax profit of 257 billion dong. The company has current chartered capital of 540 billion dong, and is supposed to raise capital to 660 billion dong in the end of this year.

Tags: Tien Len Steel, Vietnam steel industry, Vietnam steel producers

Posted by VBN on May 20 2010. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry