Tel :
Tel :
Pomina Steel (Pomina), one of Vietnam's major steel producers, narrowed its net loss in the second quarter of this year by nearly 65% compared to the same period last year. RINA RI/A460 steel However, due to production line shutdowns, the company's revenue still relies primarily on processing services.
According to its second-quarter financial report, Pomina Steel recorded a net loss of VND170 billion (approximately US$6.47 million) from April to June, compared to a loss of VND279.9 billion (approximately US$10.65 million) in the same period last year.
The company's gross profit for the quarter was VND 48.6 billion (approximately US$1.85 million), while financial expenses increased 10.4% year-on-year to VND 165.3 billion (approximately US$6.29 million).
In the first half of 2025, the company's operating revenue increased 37.1% year-on-year to VND 1.49 trillion (approximately US$56.7 million), RINA RI/A460 steel while its net loss was VND 329.53 billion (approximately US$12.54 million), narrowing from VND 504.89 billion (approximately US$19.2 million) in the same period last year.
The company stated that due to weak market demand, plant operations remain suspended, further exacerbating cash flow and asset utilization pressures.
As of June 30, Pomina Steel's accumulated losses reached VND2.87 trillion (approximately US$109.17 million), equivalent to 103.6% of its registered capital. Its cash balance was VND387.9 billion (approximately US$14.7 million), while its total debt stood at VND6.42 trillion (approximately US$244.4 million), including VND5.7 trillion (approximately US$217 million) in short-term borrowings.
Due to the delay in releasing its audited financial statements for 2023-2024, Pomina Steel's shares remain subject to trading restrictions on the Unlisted Public Companies Market (UpCoM).
In June of this year, Pomina Steel signed a memorandum of understanding with Vietnam Steel Corporation (UpCoM: TVN) to establish the Pomina Phu My joint-stock company, a joint venture with registered capital of VND2.7-2.8 trillion (approximately US$103 million), RINA RI/A460 steel in which Pomina Steel would hold a 35% stake.
