The third quarter report of 2023 of Vicem Ha Tien Cement Joint Stock Company (stock code HT1) - the largest cement enterprise in the Southern region - recorded a net revenue from sales and service provision down 30.2% compared to the same period last year, down to VND 1,576 billion. As a result, the company reported a loss after tax of nearly VND 10.3 billion and this is the second quarter of loss in 2023 for Vicem Ha Tien (in the first quarter of 2023, the company reported a loss of VND 85.6 billion).
This cement giant said that the reason for the decrease in after-tax profit in the third quarter of 2023 was due to a 26.5% decrease in cement consumption compared to the same period in 2022, resulting in a decrease in gross profit of VND 47.5 billion compared to the same period. In addition, financial expenses increased by more than VND 13.3 billion, of which interest expenses increased by more than VND 14.4 billion, mainly due to increased interest rates and increased outstanding loans. In the first 9 months of this year, Vicem Ha Tien recorded net revenue of VND 5,265 billion, down more than 20% compared to the same period last year and a loss of more than VND 37 billion. Meanwhile, in the same period in 2022, this cement giant reported a profit of more than VND 203 billion.
A series of cement businesses continue to report losses as the real estate market remains sluggish.
Similarly, Bim Son Cement Joint Stock Company (stock code BCC) in the third quarter of 2023 achieved revenue of more than VND 660 billion, down 33% over the same period last year and reported a loss after tax of VND 57 billion, higher than the loss of more than VND 37.5 billion in the third quarter of 2022. This is the fifth consecutive quarter of loss for Bim Son Cement as the cement consumption market weakens.
No exception, Vicem But Son Cement Joint Stock Company (stock code BTS) achieved revenue in the third quarter of 2023 at VND 544.6 billion, down nearly 33% over the same period last year and a loss after tax of nearly VND 32 billion while in the third quarter of 2022 it had a profit of VND 8 billion. This is also BTS's heaviest loss quarter since the first quarter of 2014. Explaining the reason, the company said that the sharp decrease in sales in the third quarter of 2023 along with increased financial costs caused profits to decline. In total, after 9 months of this year, the company suffered a loss after tax of more than VND 64 billion while in the same period last year it had a profit of more than VND 55 billion.
In the same situation when the sales volume decreased sharply, Vicem Hoang Mai Cement Joint Stock Company (stock code HOM) had to proactively stop the kiln in July (stop the kiln for 29 days) and reduce the kiln's productivity, causing the clinker output in the third quarter of 2023 to avoid inventory production, causing a decline in product quality. As a result, HOM achieved revenue in the quarter of 460.5 billion VND, a slight decrease compared to the same period last year, but reported a loss of more than 26.4 billion VND, while in the same period last year, it still had a profit of nearly 4 billion VND. This is the company's heaviest loss quarter since listing. Accumulated from the beginning of the year to the end of September, the company suffered a loss of nearly 26 billion VND while in the same period last year, it had a profit of more than 15 billion VND...
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