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PDC: Explanation for negative profit in Audited FS 2009
Phuong Dong Petroleum Tourism JSC explained the negative profits in Audited FS 2009 as follows:
- In 2009, tourism industry has been strongly influenced by the world’s economic crisis, the number of tourist is reduced, especially international tourist.
- Price fluctuation cause the instability to trade industry, especially to fertilizer product. The company has apportioned for the provision for devaluation of stocks an amount of VND 6,140,676,871.
- In 2009, subsidiaries of PDC haven’t made profit, therefore they didn’t paid management expenses to PDC, the company must load the management expenses of VND 5.3 bil
- The company has made provision for bad debts an amount of VND 46,167,000,000 for Duc Thuan Commerce and Services Ltd. Company since this company has submitted bankruptcy petition.
- Phuong Dong Hotel was renovated recently with total investment of VND 100 bil, therefore expenses (Depreciation, interest rate) in the starting years are quite large.
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