HMC: Explanation for business result in Q3-2008

Hochiminh City Metal Corporation has given explanation to the business result in Q3/2008 against Q2/2008 as follows:

- Profit before tax in Q2/2008: VND34,783,536,902

- Profit before tax in Q3/2008: VND21,929,587,096

Profit before tax decreased by 36.9 percent in the third quarter against the second quarter of 2008.

Reason: Power consumption of steel dropped because of rainy season and lunation July. Besides, the demand for steel in the 3rd quarter has reduced because of stopping developing many projects of domestic investment and the current world depression. In addition, the price of steel went down sharply which affected revenue and profit in this quarter.

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