BMP posted weak Q3 2021 results — similar to the company’s preliminary results announced during its October 19 investor call — with revenue of VND527bn (USD22.9mn; -53% YoY) and a net loss of VND26bn (USD1.1mn). BMP’s Q3 2021 results were hit significantly by the fourth wave of COVID-19 in Vietnam that disrupted domestic construction activities; additionally, BMP’s sales are concentrated in southern Vietnam, which is the region hardest hit by the pandemic. BMP recorded Q3 2021 sales volume of around 10,800 tons (-59% YoY). On top of that, input plastic prices remaining high continued to pressure BMP’s margins in Q3 2021. BMP’s Q3 2021 gross margin dropped to a record low of 4.5% vs 31.9% in Q3 2020 and 12.9% in Q2 2021.

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