Pomina Steel has record accumulated loss, first time negative equity

According to the consolidated financial report, in the second quarter of 2025, Pomina Steel Joint Stock Company (stock code: POM) recorded net revenue of VND 461.7 billion, down 25% compared to VND 615.9 billion in the same period in 2024.

Thanks to a deeper decrease in cost of goods sold than revenue (down 38% to VND413 billion), Pomina recorded a gross profit of nearly VND48.7 billion. Although gross profit has returned to positive levels, the burden of financial expenses, mainly interest expenses, remains high at VND165.3 billion. Along with other expenses, Pomina reported a consolidated loss after tax of VND170.3 billion. This figure decreased by 39.2% compared to the loss of VND280.2 billion in the same period last year.

Notably, as of June 30, 2025, the company's accumulated loss reached VND 2,868 billion, equal to 103.6% of charter capital.

The continuous losses have "eroded" all shareholders' capital. As a result, Pomina's equity has become negative 4.1 billion VND, while at the beginning of the year it was still positive 263 billion VND. The company's total liabilities (9,502 billion VND) have exceeded the total value of assets (9,498 billion VND), pushing the company into a difficult financial situation.

In the explanatory document sent to the State Securities Commission and the Hanoi Stock Exchange, Pomina pointed out two main reasons for the business results in the second quarter of 2025. The factory is still in a state of temporary suspension of operations, the main source of revenue comes from processing activities. Maintaining this activity not only helps generate revenue but also ensures the stable operation of machinery and equipment systems.

The company has been implementing measures to strictly control expenses, especially irregular expenses, to optimize in the context that main production activities have not been restored.

Regarding Pomina Steel shares, on July 10, the Hanoi Stock Exchange announced to maintain restrictions on trading POM shares on the UPCoM system.

In an explanatory document sent to the Hanoi Stock Exchange, Pomina said that in 2023 - 2024, the company was late in submitting audited financial statements due to negative working capital. Therefore, the company has taken many measures to improve its financial situation and restore production and business activities.

After the cooperation plans with Nansei and THACO both failed, Pomina's restructuring journey is placing all its hopes on the "lifebuoy" from VNSteel. The two sides have signed a joint venture agreement to establish POMINA PHU MY, with VNSteel holding 65% of the controlling shares.

POM expects this deal to help restore production in the first quarter of 2026 and be a "lifesaver" for Pomina to prove its ability to operate continuously.

Source: https://doanhnghiepvn.vn/doanh-nhan/thep-pomina-lo-luy-ke-ky-luc-lan-dau-am-von-chu-so-huu/20250813104955293