TYA: Explanation for business result in Q2/2010

Taya (Vietnam) Electric Wire And Cable Joint Stock Company has explained business result in Q2/2010 as follows:

In Q2/2010, the company lost VND11,089,318,182 due to the following reasons:

Decrease of copper price and increase of deduction for inventory devaluation

Price of LME copper gradually declined in Q2/2010 leading to decrease of selling price. The company had to deduct for inventory devaluation worth VND9,041,850,236.

Loss in foreign exchange

The company made bank loan for importing materials for production. In Q2/2010, it had to pay matured debt worth USD5,230,014.22 to bank with exchange rate of VND19,000/USD, however, at the loan time, the rate was at VND17,000/USD.

Total loss in exchange rate in Q2/2010 was about VND14 billion.

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