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Top Vietnam steelmaker Hoa Phat posts Q4 loss on construction slump

Materials costs and weak domestic demand weigh on bottom line

Hoa Phat Group pared back steel output last fall amid a sharp drop in domestic demand. (Photo courtesy of the company)

HANOI -- Vietnam's Hoa Phat Group, Southeast Asia's top steelmaker, posted a net loss of nearly 2 trillion dong ($85 million) for the October-December period, staying in the red for a second straight quarter amid declining domestic construction and high raw materials costs.

The red ink marked a sharp reversal from the year-earlier 7.4 trillion dong profit. Revenue fell 42% to 26 trillion dong.

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