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DDM: Explanation for business result in H1/2010
Dong Do Marine Joint Stock Company (HoSE: DDM) has explained business result in the first 6 months 2010 as follows:
* Total sales and services: VND131,824,340,543
* Total pre-tax profit: (VND17,900,245,459)
* Loss in the first 6 months 2010 due to the following reasons:
* Although the shipping market has gradually recovered, the local and foreign market of container ships in the first 6 months still has faced many troubles. Chartering rates of the Dong Du and Dong Mai container ships were higher than that at the end of 2009, but sales could not offset expenses. Earnings from chartering dry-bulk ships did not also compensate for loss.
* In the first 6 months, there were 3 ships in the maintenance process, including Dong Mai, Dong An and Dong Du ships. It led to increase of expenses and decrease of sales.
* According to comments of the Auditing and Accounting Financial Consultancy Service Company Limited (AASC), the company had to record losses from difference of exchange rate in payment and re-evaluating long-term loan at 31st December 2010 worth VND6.2 billion in the financial statement of the first 6 months 2010.
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