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AGD: Explanation for business result in Q2.2010
Godaco Seafood Joint Stock Company explained the over-ten-percent difference in business result between Quarter 2/2009 and Quarter 2/2010:
Profit after tax in the first six months of 2010 was VND15.22 billion, increasing by VND10.86 billion compared with the same period last year (In the first six months of 2009, profit after tax (Not audited) was VND4.36 billion) because the following reasons:
* Net revenue rose by VND23.19 billion (+10%), cost of goods sold decreased VND0.45 billion, which made the Company’s gross profit increased by VND23.64 billion. Revenue was higher than last year because of the increase in the average exchange rate in this year (From VND17,000/USD to VND18.540/USD).
* Ratio of cost to revenue decreased more than in last year because the Company exploited effectively a catfish-breeding area, which made the price of materials lower than material fishes bought from outside about VND1,500 to VND2,000 a kilo.
* The US Dollar exchange rate against to Vietnamese Dong have an upward trend, which made income from financial activities (The difference in exchange rates) increase by VND1 billion in Quarter 1/2010.
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