PIT: Business result in Q4/2008

Petrolimex International Trading Joint Stock Company (PITCO) has explained business result in Q4/2008 as follows:

- Profit before tax in Q3/2008: VND8,867,248,657

- Profit before tax in Q4/2008: VND(- 10,797,469,222)

- Decrease: VND19,6 billion

Reasons:

- Gross profit in Q4/08 decreased VND17.1 billion compared to that in Q3/08 due to financial recession. In addition, the company deducted for the provision of inventory devaluation as VND10.71 billion.

- Profit of financial operation reduced VND5,4 billion compared to Q3/08 due to deducting for the provision of securities devaluation.

- Strengthening cost saving led to decrease of expenses as VND3.4 billion in comparison to Q3/08.

Other profit decreased VND0.44 billion compared to Q3/08.

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