GMC: Limited issue in the financial statement of the first 6 months 2010

Sai Gon Garment Manufacturing Trade Joint Stock Company (GARMEX) has explained limited issue in the financial statement of the first 6 months 2010 as follows:

According to Circular No.161/2007/TT-BTC of the Finance Ministry dated 31st December 2007 about financial investment on association companies, there is the instruction of applying two accounting methods as principal price and owner’s equity. Basing on the regulation and actual conditions of GARMEX, it recognized that there were not enough standards to apply the method of owner’s equity to calculate investment capital to the Phu My JSC at 30th June 2010. Therefore, GARMEX has consistently applied the method of principal price from the investment time till now.

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