QCG: Difference of profit in the integrated financial statement

Quoc Cuong Gia Lai Joint Stock Company (QCGL) has explained difference of profit in the integrated financial statement of the first 6 months 2010 before and after examination as follows:

The examined integrated financial statement of the first 6 months 2010 recorded the item of selling the project of 106 Ly Chinh Thang. It led to an VND86.2 billion increase in after-tax profit (Rising VND76.5 billion), however the earning was not recorded in the integrated financial statement of the first 6 months 2010.

Reason:

QCGL did not record the earning from selling the project of 106 Ly Chinh Thang because the transference of the project was occurred on 29th June 2010. During this time, the accounting department of the company had collected most of figures and data to prepare for the integrated financial statement of the first 6 months 2010. Besides, it was too busy to do documents of listing and offering shares to present to the State Securities Commission and Hochiminh Stock Exchange. Therefore, QCGL has decided to record the earning from the project of 106 Ly Chinh Thang in the financial statement of Q3/2010.

However, on 15th July 2010, the company signed the contract of examining the financial statement Q2/2010 with the Ernst & Young Vietnam. The audit firm recorded the earning from the project of 106 Ly Chinh Thang in the financial statement under the stipulation of the accounting regulation.

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>   PET: Difference of profit in the financial statement of the first 6 months (24/08/2010)

>   PDR: Explanation for business result in the first 6 months 2010 (24/08/2010)

>   DVD: Explanation for business result in Q2/2010 (24/08/2010)

>   DTA: Difference of business result in the first 6 months (24/08/2010)

>   TNT: Explanation for adjustment in the Q2 financial statement (24/08/2010)

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