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NGC: Explanation for the change of over 5% in operating result in QII- 2009
According to the Financial Statement Quarter II/2008 of Ngo Quyen Export Seafood Processing JSC, net income is VND 815,552,609 compared to VND 993,000,344 of Quarter I. Ngo Quyen Export Seafood Processing JSC explained the decrease in operating result in QII/ 2009 as follows:
- Disadvantages of the seafood industry in general: the lack of workforce. Although the Company has applied solutions to increase the income of laborers, difficulties have not been solved, which led to more cost and troubles in management.
- Input materials (seafood) were not many because of failure in the seafood harvest. Competition was high, which raised the price of materials.
- Market for export has become stricter because of many technical barriers. Besides, market share in Europe and Korea was likely to decrease because the consumption was slow.
However, there are some advantages for the Company’s operation. Production facilities have been purchased and modernized, meeting the demand of customers. Besides, the company enjoys preferential policies by the Government such as credit underwriting, interest support for short-term loans, preferential tax measures. Main markets of the Company are rather stable.
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