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RCL: Explanation for the change of over 5% in operating result in QIV- 2009
According to the Financial Statement Quarter IV/2009, net income increased VND 21,367 bil. (220.24%) compared to Quarter III/2009. CHOLON Real Estate JSC explained the increase in operating result in QIV/ 2008 as follows:
- Houses are sold at the price higher than that of Q3/2009 about 50%, causing the revenue and profit of Q4/2009 sturdily increased compared to Q3 2009. Sales of Q4/2009 mainly come from the selling of houses at the Bui Minh Truc Residential Project III, Ward 5 - District 8, Ho Chi Minh City (Also the main source of revenue in 2010). This Residential area is located in a good position, facing major roads, near the bus station, Administrative center of District 8, therefore the price significantly increased.
- The Cost of goods sold/ Sales ratio of Q4/2009 decreased 24.19% compared to Q3/2009 since the company has drawbacked the prepaid expenses of the two residentials: Ta Quang Buu and Cao Lo in Ward 4 - District 8, at the amount of VND 5,331 billion due to these two works are basically completed.
- Corporate income tax expenses of Q4/2009 and accumulated of 2009 was deducted by 50% since the company enjoyed the preferential for equitized companies and by 30% in pursuant to Circular 03/2009/TT-BTC for small and medium enterprises in 2009.
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