KBC: Explanation for operating result in QI - 2008

KBC announces the explanation for operating result in QI - 2008 as follows:

According to the Financial Statement Quarter I/2009, net income decreased by 60% compared to Quarter I/2008. Kinh Bac City Development Share Holding Corporation explains the difference as follows:

- Because of the world’s recession, foreign and domestic investments steeply fell, which affected the Company’s Operating results.

- Provision for investment in SGT stock was high. On 31/12/2008, price of SGT was VND 27,800/share; on 31/03/2009, its price was VND17,400/share. As a result, the provision was VND 116 billion. However, this provision was only temporary, because on 15/5/2009, the price of SGT was VND 28,800/share and the company did not have to set up this provision.

- Currently, foreign investment has become better. On 27/04/2009, the Company signed a contract with Japan in the construction of Vietnam-Japan Supporting Industrial zone in Que Vo Industrial park. So the target for 2009 is feasible.

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