Hoa Phat steel products. Hoa Phat Group reported a total revenue of nearly VND28 trillion (US$1.24 billion) for the year 2015, an increase of 7.8 per cent year-on-year. — Photo ndh.vn

HA NOI (Biz Hub) — Steel maker Hoa Phat Group (HPG) reported a total revenue of nearly VND28 trillion (US$1.24 billion) for the year 2015, an increase of 7.8 per cent year-on-year.

During 2015, HPG posted an after-tax revenue of VND3.5 trillion, up 7.8 per cent against 2014. The cost of sales and management activities increased slightly to VND1.2 trillion.

In the fourth quarter of 2015, the company earned a revenue of over VND7.2 trillion, up 8.5 per cent against 2014, with an estimated after-tax profit of VND565 billion.

According to online newspaper VnExpress, this is impressive growth in the context of Viet Nam's deeper integration into the global economy, as the steel industry faced stiff competition from low-cost Chinese steel.

By the end of 2015, the company's total assets increased to VND25.5 trillion, of which liabilities were estimated to stand at VND11 trillion, most of which are short-term debts. Inventories also reduced significantly to nearly VND7 trillion.

Not only operating in the field of steel making and real estate, Hoa Phat has diversified its business by investing in agriculture. The group has spent VND2.5 trillion to establish Hoa Phat Agricultural Development Company specialising in processing cattle feed. — VNS