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MIC: Explanation for change of over 5% in operating result in QIV- 2009
According to the Financial Statement Quarter IV/2009, net income of Quang Nam Mineral Industry Corporation decreased by VND 1,564,024,256 compared to Quarter III/2009. The Company explained the decrease in operating result in QIV/ 2009 as follows:
- Financial income decreased by 417,983,281 because the income from foreign exchange differences decreased by VND217,708,452 and financial expenses increased by VND200,274,829. The construction of fixed assets was completed, so the interest expense was accounted to financial expense of Quarter IV.
- Other income in QIV decreased because Quarter III had the income from the liquidation of fixed assets.
- Operating expenses increased because the Company had to repair the damages caused by the Storm No.9 (VND329,060,012) and set up provision for bad debts (VND266,544,080).
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