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TYA: Explanation for Business Result in Quarter 2/2009
Taya (Vietnam) Electric Wire and Cable Joint Stock Company (TYA) explained the 5-percent difference in business result between Quarter 2/2009 and Quarter 1/2009 as follows:
Unit: VND
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Quarter 2/2009 |
Quarter 1/2009 |
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Net revenue |
188,614,272,814 |
138,906,872,034 |
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Cost |
171,498,068,926 |
119,382,531,856 |
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Profit before tax |
(2,638,272,091) |
502,714,689 |
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Deferred corporate tax |
7,007,759,883 |
- |
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Profit after tax |
(9,646,031,974) |
502,714,689 |
The lost of the company in Quarter 2/2009 is primarily because of the deferred corporate tax and loss in quarter 2:
According to the 2008 Audited Financial Statements,
- Profit before tax: -VND112,931,423,000; Corporate tax: VND1,188,906,000;
- Profit after tax: -VND108,004,811,000; Deferred corporate tax: VND6,115,518,000.
If the deferred corporate tax had been added, the company’s profit after tax in 2008 would have been -VND114,120,329,000.
The deferred corporate tax of VND7,007,759,883 in Quarter 2/2009, including VND6,115,518,000 from 2008, arose due to the following issues:
1. In 2008, the company provided VND123.6 billion for inventory devaluation and this made cost increase. In 2009, because cooper price comes stable, the company has sold more products. That decreases the quantity of inventory.
2. The provision of VND25.5 billion for bad debts in 2008 was added to expense. The company paid tax for the item and recorded to the deferred tax. Therefore, the item was transferred to the financial statements of this fiscal year in order to balance the deferred tax.
3. The company lost VND2,638,272,091 in Quarter 2/2009.
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