HSI: Explanation for business fluctuation in quarter 2.2009

General Materials Biochemistry Fertilizer Joint Stock Company (MF JSC) has explained the business fluctuation in quarter 2/2009 as follows:

* Total profit after tax in quarter 2/2009: VND2,502,823,803

* Total profit after tax in quarter 1/2009: VND2,792,495,966

Thus, profit in quarter 2/2009 decreased 10% in comparison with quarter 1/2009 because revenue in quarter 2/2009 decreased 32% in comparison with quarter 1/2009 with some reasons:

* Quarter 2/2009 was the end of harvest at the Western, so sales demand decreased.

* The price fluctuation made agents reduce the reserve volume.

* Because the material price was low, some farmers used straight fertilizer to replace NPK fertilizer.

* Because the selling policy by cash was discounted, majority of agents paid by cash instead of clearing mature debts.

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