CAD: Explanation for business result in Q2/2010

Cadovimex Seafood Import-Export and Processing Joint Stock Company (CADOVIMEX) has explained some contents in the integrated financial statement in Q2/2010 as follows:

Sales in Q2/2010 was VND339,205,060,596, increasing 25.34% compared to Q1/2010. It was because exporting products to the USA market increased after the oil spill in the Gulf of Mexico and payment of export tax to the USA was applied at 0%.

After-tax profit in the integrated financial statement 2/2010 was (VND44,252,467) and accumulation of the first 6 months was VND1,799,384,699. Profit in Q2/2010 dropped VND1,887,889,633 compared to Q1/2010 due to deduction for the following items:

* Provision for bad debts: VND6,674,043,166

* Provision for inventory devaluation: VND 9,445,791,972.

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