The Joint Stock Company of Cao Bang Iron and Steel (UpCOM: CBI) has just announced its financial report for Q1/2025, showing a net revenue of nearly 418 billion VND, down nearly 39% compared to the same period last year. The cost of goods sold reached 440 billion VND, causing a gross loss of 22 billion VND. Selling expenses surged to 12 billion VND due to increased transportation costs for steel billets, leading to a net loss after tax of over 50.5 billion VND, while the same period last year saw a profit of 958 million VND. Steel billet consumption dropped by 34.75%, from 50,763 tons to 33,121 tons, dragging down the selling price by 6.3% compared to Q1/2024. As of March 31, 2025, the total assets of the company amounted to 2,013 billion VND, up 47 billion VND, mainly due to an increase of over 8% in inventory. Liabilities increased by 5.8%, reaching over 1,787 billion VND, including more than 714 billion VND in loans. Cao Bang Steel is a subsidiary of the Mining and Minerals Corporation – TKV.
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