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IFS: Explanation for business result in Q3/2008
Interfood Shareholding Company has given explanation to the revenue and profit fell in Q3 against Q2/2008 as follows:
|
Quarter |
Net revenue |
+/ - (%) |
Profit before tax |
+/ - (%) |
|
Q2
|
226,444,667,118 |
100% |
3,282,070,816 |
100% |
|
Q3 |
178,927,137,220 |
79% |
(8,638,563,460) |
(263)% |
Revenue in Q3 decreased by 21% compared to the second quarter of 2008.
Reasons:
• Goods distribution had many difficulties because of effects of flood, storm, and rain.
• Due to having to pay high interest expense, the company used the whole loan capital in order to meet the production demands
• Due to inflation, banks raised loan interest rates from 15 to 20%, the cost of input materials increased by 10-20% and others also highly rose.
HoSE
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