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BBC: Explanation for business result in Q3.2010
BIBICA Corporation (HoSE: BBC) explained the fluctuation in business result between Quarter 3/2010 and Quarter 3/2009:
* Profit after tax in Quarter 3/2010 was VND10,614,918,351 and decreased by 20.61% from the profit after tax in Quarter 3/2009 (VND13,370,548,005).
* Net revenue in Quarter 3/2010 increased by 34.15% compared to Quarter 3/2009, but gross profit in Quarter 3/2010 decreased by 2.41% compared to Quarter 3/2009 because prices of materials (Packing, cassava, chicken eggs) were higher than prices in the same period last year and the asset depreciation cost of Chocopie workshop in BIBICA Mien Dong Factory affected the gross profit.
* Financial income decreased by VND6,206,063,429 because the balance of bank saving account decreased by more than 50% compared to Quarter 2/2009.
* Financial expense increased because interest expense was up 3.41 times, equivalent to VND1,310,388,228 (Mainly because of the interest of long and mid-term loan for the second phase of BIBICA Mien Dong Project).
* Ratio of Selling expense to Net revenue was up 0.84% because of the increase in advertising expense for new brands Lotte Pie and HURA delli.
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