Pomina Steel (POM) Posts 16th Consecutive Loss, Equity Negative VND 800B
This Aveluro analysis covers POM (Thép Pomina) in the Metals sector. The classified event type is earnings miss, with negative sentiment and a deterministic market-impact score of 7.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
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Overview
Pomina Steel (POM), once the largest steel producer in Vietnam, reported a net loss of over VND 179 billion in Q1/2026, marking its 16th consecutive quarterly loss. Revenue plunged 55% year-on-year to VND 466 billion, and shareholders’ equity turned negative by more than VND 800 billion. The company continues to struggle under heavy debt and idle capacity.
Key Facts
- Net loss after tax in Q1/2026: VND 179 billion, compared to a loss of VND 159 billion in Q1/2025.
- Revenue fell 55% YoY to VND 466 billion from VND 1,029 billion.
- Accumulated losses reached nearly VND 3,662 billion as of March 31, 2026.
- Shareholders’ equity was negative VND 800 billion at quarter-end.
- Total liabilities stood at VND 11,002 billion, up 16% from the start of the year.
- Total borrowings were VND 6,095 billion, with VND 5,376 billion in short-term debt.
- The company received a working capital loan from Vingroup in late 2025, which helped lift revenue from March 2026.
What Happened
Pomina Steel (POM) released its Q1/2026 consolidated financial statements, revealing a net loss of over VND 179 billion, the 16th consecutive quarterly loss. Revenue dropped 55% year-on-year to VND 466 billion, which the company attributed to lower sales volume at its subsidiary. However, a modest recovery began in March 2026 after receiving a working capital loan from Vingroup.
Cost of financial activities decreased 14% due to lower forex losses, while selling expenses surged from VND 379 million to VND 3.4 billion as the subsidiary resumed operations. The company also reclassified depreciation expenses from the idle period to other costs. Total assets increased 15% to VND 10,201 billion, largely due to VND 5,716 billion in construction-in-progress for blast furnace and EAF projects that remain uncompleted.
Market Context
POM shares closed at VND 4,000 on April 10, 2026, up 2.50% on volume of 2.8 million shares, suggesting some speculative interest despite the dire fundamentals. The stock trades on HOSE. The broader steel sector has been under pressure from weak construction demand and oversupply, but POM’s situation is extreme: negative equity and 16 consecutive losses place it among the most distressed listed companies in Vietnam.
Strategic Significance
POM’s prolonged losses reflect the consequences of ill-timed capacity expansion and a severe industry downturn. The company’s negative equity and high debt load (VND 6,095 billion in borrowings) raise going-concern risks. The Vingroup loan provides temporary liquidity but does not address structural issues: idle blast furnace and EAF projects worth VND 5,716 billion remain incomplete. Without a major restructuring or asset sale, POM may face delisting or forced reorganization.
What to Watch
- Q2/2026 earnings release for signs of sustained revenue recovery.
- Any further capital injections or restructuring plans from Vingroup or other parties.
- Progress on the blast furnace and EAF projects; potential asset impairment charges.
- Regulatory actions regarding continued listing status given negative equity.
- Steel demand trends in Vietnam, particularly from construction and real estate.