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HLG: Explanation for business result in quarter 2/2010
Hoang Long Group (Hoang Long) has explained the business result in quarter 2/2010 as follows:
- Profit before tax in quarter 2/2010: 25,837,163,681 dongs
- Profit before tax in quarter 2/2009: 31,532,274,892 dongs
- Profit before tax in quarter 2/2010 decreased 18% (Equivalent to 5,695,111,211 dongs) beside quarter 2/2009.
Reasons:
* Gross profit increased 14.7% (Equivalent to 7,169,114,526 dongs) from activities of maritime products processing.
* Financial incomes increased 353.4% (Equivalent to 1,480,465,432 dongs) because fixed deposit interest increased 509,833,333 dongs, unrealized foreign exchange difference increased 347,305,819 dongs and the remains of realized foreign exchange difference and demand deposit.
* Other incomes increased 7,557.6% (Equivalent to 7,490,558,566 dongs) because the company liquidated some carriers and earn 727,751,560 dongs of profit and 6,762,807,006 dongs of incomes from delayed payment and breach of contract.
* Financial expenses increased 171% (Equivalent to 11,080,270,612 dongs) from 1,502,981,926 dongs of bank interest, 3,664,219,755 dongs of settlement discount and 5,913,068,931 dongs from unrealized foreign exchange difference.
* Selling expenses increased 874.7% (Equivalent to 6,801,710,218 dongs) from sales in activities of maritime products processing.
* General and administrative expenses increased 38% (Equivalent to 3,972,454,093 dongs) from activities of maritime products processing.
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