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FPC: Loss in Q2/2010
Full Power Joint Stock Company has explained loss in Q2/2010 as follows:
Sales in Q2/2010 was down 92% compared to Q2/2009:
Reasons:
1. There were no new contracts. The ongoing contracts still remained.
2. The company was in the period of liquidating useless assets and narrowing production
3. Effects of the previous accounting term:
- Canceling the contract of transferring contribution capital of the project of the Duc My Industrial Zone caused loss of VND32 billion. Because the value was recorded in the other income in 2007, it was considered as un-receivable value this year and recorded in the other expenses.
- For canceling the invoice No.0095922 dated 15th September 2008 worth VND13,068,000,000 of the contract No.DGAW07A01, the Phu My JSC did not receive the invoice and not check and take over the project. However, Full Power recorded in sales in 2008. Thus, sales in Q2/2010 decreased VND11,880,000,000.
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