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HVX: Explanation for business result in Quarter 3/2010
Hai Van Cement Joint Stock Company (HoSE: HVX) explained the decrease in profit after tax between Quarter 3/2010 and Quarter 3/2009:
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Quarter 3/2010 |
Quarter 3/2009 |
Ratio (%) |
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1 |
Total revenue |
124,863,343,872 |
101,524,635,149 |
123 |
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2 |
Total expenses |
121,687,628,540 |
97,168,906,756 |
125 |
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3 |
Profit before tax |
3,175,715,332 |
4,355,728,393 |
73 |
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4 |
Profit after tax |
2,381,786,499 |
3,593,475,924 |
66 | Reason:
In Quarter 3/2010, despite effects of rainstorm, the Company has still strengthened production and sales. Therefore, total revenue increased 1235 from the same period last year and total output quantity was up 112% (155,183 tons in Q3/2010/ 138,297 tons in Q3/2009), in which: products with the trade mark Hai Van increased 145% (155,183 tons in Q3/2010 / 138,297 tons in Q3/2009). The Company pushed marketing, advertising, salary….for sales in order to expand the market share, so the selling cost in Quarter 3/2010 increased and made total expenses rose 125% compared to the same period in 2009, but still lower than the approved budget. Although profit after tax in Quarter 3/2010 was lower than in Quarter 3/2009, it was 120.97% higher than the target set in early 2010.
Profit before tax in Quarter 3/2010 was equal to 73% but Profit after tax was equal to 66% compared to Quarter 3/2009 because the Company received a reduction of 30% of corporate income tax in 2009.
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