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DTA: Explanation for business result in Q2/2010
De Tam Joint Stock Company (DeTam) has explained business result in Q2/2010 as follows:
Net sales in Q2/2010 was VND46.199 billion, increasing VND46.176 billion or 1,972.82% compared to Q2/2009. Gross profit was VND12.074 billion, increasing VND12.051 billion or 515.6%. After-tax profit was VND8.536 billion.
Accumulation for the first 6 months 2010, DeTam gained VND57.174 billion in sales, increasing 57.1 billion or 618.7% compared to the same period 2009.
Pre-tax profit was VND15.084 billion. After-tax profit was VND11.313 billion, increasing VND11.313 billion compared to the first 6 months 2009.
Reasons:
In 2009, the main business of the company was real estate investment. However, there was no earnings from projects. Earnings was mainly from brokerage and trading construction materials.
In February 2010, the People’s Committee of Dong Nai province granted the license of delivering the 47.3-hectare land located at Phuoc An Commnune, Nhon Trach Dist., Dong Nai Province to DeTam. The company has implemented the project of DETACO urban are on the land. In Q2/2010 and the first 6 months 2010, the project brought earnings to the company. Thus, there were extraordinary earnings in Q2/2010 in comparison with in the same period 2009.
According to the annual shareholders’ meeting 2010, DeTam aims to get VND108 billion in sales and VND40 billion in pre-tax profit. Therefore, the company has completed 53% of expected sales and 37.7% of expected profit.
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