SAF: Explanation for the change of over 5% in operating result in QII- 2009

According to the Financial Statement Quarter II/2009 of Safoco Foodstuff JSC, net revenue decreased 69%. Safoco Foodstuff JSC explained the decrease as follows:

- Some partners of the company were not used to pay for transactions through bank system. According to new VAT regulation with effect since 1/1/2009, the company can not be deducted VAT without bank notes. Hence the company did not transact with these partners. This caused a big decrease in revenue.

- However, profit after tax increased 10% compared to that of Quarter II/2008, mainly from financial activities.

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