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CYC: Explanation for business result in Q2/2010
Chang Yih Ceramic Joint Stock Company has explained business result in Q2/2010 as follows:
Loss of the company was VND148,275,047 in Q2/2010 and VND3,044,864,033 in Q2/2009.
Reasons:
* Decrease of sales of selling products: VND3,544,698,530
* Decrease of COGS: VND2,502,863,071
* Decrease of gross profit: VND949,365,558
* Increase of financial income: VND1,412,841,821
* Increase of management expenses: VND2,553,470,175
* Decrease of selling expenses: VND3,690,171,662
* Increase of other profit: VND1,296,411,236
+ Sales of selling products reduced 5.12% but COGS declined 4.25%. It was because of increase of production cost. In Q1/2010, the company spent some time to suspend manufacture, it affected fixed expenses.
+ Financial income increased due to fluctuation of exchange rate.
+ Increase of management expenses in Q2/2010 was because there were bonus to foreign employees that had not be paid to them in 2009 and reward to individuals decided by the Board of Management.
+ Selling expenses decreased because the company still remained depreciation policy.
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