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PNC: Explanation for business result in Q2/2010
Phuong Nam Cultural Joint Stock Corporation (PNC) has explained no comments of auditors about fluctuation of business result in Q2/2010 as follows:
No deduction for provision of loss of investment on joint venture, association companies: Theses companies did not submit financial statements of the first 6 months 2010 to PNC (Except Megastar company).
Payables from 2007 and earlier recorded in other receivables worth VND3,943,869,418: The company publicly invited shareholders who had not receive dividend of years, but till June 2010, they have not received it.
Welfare and bonus fund worth VND1,016,987,641 has not had offset fund: The company gave bonus at the beginning of 2010. At the end of the year, it will deduct from after-tax profit for offset.
After-tax profit in Q2/2010 decreased more than 10% compared to Q2/2009: From July 2009 till now, the company has continuously opened many bookstores. This led to increase of sales, but it could not offset expenses.
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