Chairman Le Phuoc Vu of Hoa Sen Group (HSG) expressed concerns about the financial results for the 2024-2025 fiscal year, as profits dropped sharply by 69% in Q4 compared to the previous quarter, reaching only 85 billion VND. The roofing sector remains a key contributor but is facing negative impacts from the U.S. Department of Commerce’s anti-dumping tax, reducing export capabilities to this market. Export revenue reached 16,344 billion VND but its proportion fell to 45%. Hoa Sen is also under significant pressure from the Dung Quat 2 project of Hoa Phat. To overcome challenges, they are focusing on expanding the Hoa Sen Home chain, aiming for a modern retail model. They hope that a successful IPO of Hoa Sen Home by the end of 2026 will change investor perceptions of the company.
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