Cao Bang Iron and Steel Joint Stock Company (CBI) has announced its Q1 2025 financial results with a net revenue of approximately 418 billion VND, a decrease of nearly 39% compared to last year. The cost of goods sold exceeded revenue, resulting in a gross loss of 22 billion VND. Selling expenses increased to 12 billion VND due to the emergence of transportation costs for steel billets. After deducting expenses, Cao Bang Steel reported a net loss after tax of over 50.5 billion VND, a stark contrast to its profit of 958 million VND in Q1 2024. There was a 34.75% decline in steel billet consumption, dropping from 50,763 tons to 33,121 tons, while selling prices decreased by 6.3% to 12.54 million VND/ton. As of March 31, 2025, the company’s total assets reached 2,013 billion VND, with inventory making up the majority. The company operates iron ore exploration at the Na Rua mine and has invested 1,911 billion VND in a steel production complex. Cao Bang Steel is a subsidiary of the Mineral and Metallurgy Corporation – TKV.
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