ITA: Financial statement 6 months 2008

Tan Tao Investment Industry Corporation (ITACO) has explained the financial statement in the first 6 months 2008 as follows:

1.  From 2002 to the first 6 months 2008, ITACO recorded its revenue from leased land and factories basing on the actual receivings (which was reflected in the financial statement 2007 auditted by the Auditing and Consulting Joint Stock Company). This caused big differences on revenue and profit compared to the auditing report under the international standard implemented by Ernst & Young in terms of 2005,2006,2007.

In order to solve the issue, ITACO has recorded revenue once after handovering all lands and factories to customers. This made changes of the initial balance in the statement of the first 6 months 2008, arised revenue and  profit of the 6 months which were informed on July 23rd 2008 (recording revenue in accordance with actual receivings). Adjusting the balance was explained on the financial statement from page 26 to page 30 by Ernst & Young. According to the Vietnamese auditing standard, it is not allowed to re-publish the financial statements of the previous years but it permits to adjust the intial balance in the later statement.

2.  Regarding financial investment’s authority for individuals, there is no prohibition of law and ITACO has done contracts tighly and safely to bring highest profit to shareholders. Ernst & Young has agreed with this.

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