DPM: Business result in Q4/2008

PETROVIETNAM FERTILIZER AND CHEMICAL CORPORATION (PVFCCo) has explained of business result in Q4/2008 as follows:

* Due to global economic recession, prices of fertilizer and chemical rapidly decreased in the last 3 months 2008 after an significant increase in the first 8 months 2008. This caused loss for imported companies in Q4/2008.

* To ensure finance of the company in 2009, it has set up the provision of inventory devaluation in Q4/2008 worth VND185.97 billion. Thus, it made loss of VND86.9 billion.

Although the company lost in Q4/2008, profit before tax for 2008 was VND1,495.62 billion, increasing 12.7%  compared to that in 2007 and exceeding 25.7% of 2008 plan.

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