HPG: Explanation for business activities result of quarter 3/2008

In this quarter, Hoa Phat Group’s (HPG) profit before tax decreased by 40% compared to last quarter due to following reasons:

* Steel trading: the depression of global economy caused bad effect on global steel trading. Moreover, the government’s solutions to reduce inflation by cutting down budget on investment on public work made several construction projects unrealizable. The demand for steel in domestic market decreased constantly, the consumption dropped by 40% compared to last quarters. In the case of HPG, the sales of steel pipes and construction steel dropped by 40% on last quarters and profit after tax decreased by 25%.

* As per HPG’s forecast, the economic depression would continue in the coming quarter 4, HPG decided to set aside 61 billion dongs as provision for devaluation of inventories in quarter 4, thus profit of quarter 3 decreased 15% on last quarter.

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