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VIP: Explanation for information on a newspaper
Vietnam Petroleum Transport Joint Stock Company (VIPCO) has explained information on the Securities Investment Newspaper (*) No. 12 as follows:
1. VIPCO has observed the laws in the time listing its shares on HOSE and VIPCO sorry for announcing information late. VIPCO has confirmed that there was not a bad motivation in the lateness and it was a VIPCO’s error.
2. VIPCO often announces monthly news on 10 every next month. On 04 December 2009, the BOD reviewed no-profit results in November, probably no-profit results in December and VND35 billion losses due to exchange rate. Therefore, the BOD adjusted the 2009 plan and announced the information. Beside, VIPCO would announce the 2009 finalization reports in December.
3. Under the Laws, VIPCO has to deduct a provision for foreign currencies in debts of investing in ships. In fact, VIPCO deduced VND33,415,359,180 and the deduction decreased the 2009 profit. The 2009 profit before tax was VND62,879,176,808 instead of VND96,294,535,988 because of the exchange rate. However, the decreased profit still is the company’s assets. Almost transportation contracts are paid by USD, so VIPCO is not affected by the exchange fluctuation. However, VIPCO still observes the Laws and deducts provisions for exchange difference. After VIPCO pays whole the debts in foreign currencies, the provision will record in profit of next years.
(*) Temporary translation.
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