The rapid drop in natural rubber prices in the first nine months of 2013 caused the Vietnamese rubber company to be in trouble, but tire companies benefited. According to statistics from the Statistics Bureau of Vietnam, in September 2013, Vietnam’s rubber exports amounted to US$25.7 billion and the average export price was only US$2,245/ton. According to a report from the Ministry of Industry and Trade of Vietnam, rubber is the most drastically reduced export product, with a drop of 17%, and the rubber export transaction volume has been greatly reduced.
The fall in rubber prices was caused by the weak demand from Europe and the United States. So far, there have been no obvious signs of recovery in the European and American markets. At the same time, rubber stocks in China, the world's largest rubber consumer, remain high.
Low rubber exports directly affect the rubber company's operations. The reports of the following four rubber companies all show that this year's profits are lower than the same period of last year.
Dong Phu Rubber JSC (DPR), one of the top 50 Forbes listed companies in Vietnam, was also in trouble due to the drop in rubber prices. The company’s turnover in the first nine months of the year was VND750 billion and its pre-tax profit was VND260 billion, a decrease of 21% and 33% respectively compared to the same period last year. In the first nine months of the year, the average export price of DPR was VND 55 million, which was a decrease of 8 million VND from last year.
The profits of Phuoc Hoa (PHR), Tay Ninh (TRC) and Hoa Binh (HRC) rubber companies have also been reduced by 20% to 40% this year.
Ngo Kinh Luan, an analyst at FPT Securities, said that this year's rubber companies may not be able to complete the annual business plan, the current four companies only achieved 50-85% of the annual plan.
Ton Minh Phuong of Ban Viet Securities agreed with the above statement and added that the rubber price has bottomed out, but it is still uncertain whether the market can recover.
In the meantime, thousands of hectares of forests in Vietnam were damaged and rubber was changed. In the central plateau area, 26,000 hectares of forest are cut every year, and about half of them are converted to rubber.
According to Dr. Trieu Van Hung of the Vietnam Academy of Forestry, Vietnam plans to grow 800,000 hectares of rubber by 2020. However, in 2012, the rubber plantation area in Vietnam has reached 915,000 hectares, far exceeding the target to be achieved by 2020.
The tire company was extremely happy at the same time that the rubber company was agonizing over rubber prices.
The third quarter financial report shows that Casimina, one of the largest tire manufacturers in Vietnam, achieved a turnover of 2.3 trillion VND and a profit of 341.5 billion VND, which was an increase of 2% and 38% respectively from the same period of last year.
Da Nang Rubber Company expects its third-quarter profit to increase 31% from the same period last year.
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Material of translucent carton:
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