TIẾNG VIỆT Hoa Sen targets 2020 after-tax profit at 17.2 million, up 11%
In fiscal year of 2019 that ended September 30, Hoa Sen's revenue fell 19% while profit decreased 12% to about $15.5 million.
With looming business result, the group plans to reduce 2019 cash and stock dividend to 5% from 10% in previous years.
According to the company’s audited financial statement, in the fiscal year, debt of Hoa Sen reduced to $288 million from about $468.5 million. The Group cut financial expenses by 17%, sale expenses by 14% and management expenses by 30%.
The US-China trade war was among elements that caused instability for the steel market. Steel export is expected to face more difficulty, leaving much pressure to the sector. The steel industry is expected to continue with unpredictable fluctuations in 2020.
Hoa Sen plans to have strategies for diversifying export markets while focus in reducing exporting costs, ensuring efficiency and profitability in export activities.
