PET: Explanation for business result in Q2/08

Petrovietnam Tourism & Services Joint Stock Company (PETROSETCO) has explained business result in Q2/08 as follows:

1.         Profit in Q2:

* Profit Q1: VND50,578,554,608

* Profit Q2: VND13,493,775,440

Profit in Q2/08 was lower than that in Q1/08 because of the following issues:

* Over 80% of sales focuses on Q1 and Q4 due to seasonal business

* Difference of exchange rate of USD/VND was high in May and June 2008.

* Bank interest in Q2 was higher than Q1.

* Deducting for devaluation provision of securities investment.

However, business result in the first 6 months 2008 was high, profit increased by 3.5 times compared to that in the same period 2007, reaching 83% of profit of the year plan.

2.       Adjusting loan interest in the financial statement Q1:

Loan interest in Q1 should be VND28,994,383,239 instead of VND15,082,773,313.

Reason: the company has got mistake in inputting figures. However, it did not make change of financial expenses in Q1, thus business result in Q1 and accumulation of the first 6 months were unchanged.

HoSE

>   PVD: Merge subsidiary into PV DRILLING (28/08/2008)

>   L62: Notice of transactions of Directors, PDMR (28/08/2008)

>   HUT: Establishment of subsidiary company (28/08/2008)

>   BVS: Explanation for 10 consecutive session ceiling hitting (27/08/2008)

>   VDL: capital contribution to establish joint stock company (27/08/2008)

>   S99: Results of transactions of principal shareholders (27/08/2008)

>   SJC: Notice of transactions of connected persons (27/08/2008)

>   NST: First trading day of additional NST (27/08/2008)

>   First trading date of Goverment bonds (CPB0810028, CPB0811029) (27/08/2008)

>   Admission in principle of additional listing of BTS (27/08/2008)