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SDY: Explanation for negative profit in QIV- 2009
Song Da Yaly Cement JSC explained the negative profits in QIV/ 2009 as follows:
- In Quarter IV/2009, production and business operations of SDY are conducted normally. However, the impact of storm 9 on 29/09/09, and storm 11 on 02/11/09 caused great damage to the central provinces and Tay Nguyen. Therefore, purchasing power of the market was reduced, the consumption of cement in these areas does not reach the planned targets. Construction in Xecaman1,3 works in Laos is also affected by disasters, slow progress of construction affect the progress of suppling materials and fuel of the companies.
- On the other hand in Quarter IV/2009, the shortage of foreign currency has also impacted on activities of the company. Petroleum business unit is not subject to the priority to buy foreign currency at banks, so the purchase of foreign currency to pay for fuel acquiring from the state petroleum companies in Laos is very difficult, while cost of sales, administration costs, loan interest costs, depreciation of fixed assets must accounted pursuant to regulations, therefore in Quarter 4/2009 company losed VND 1,266,236,541. In 2009, net sales is VND 260,499,386,487, profit after tax is VND 4,496,550,521, ratio of profit after tax / equity is 30%.
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