VTF: Explanation for business results in quarter 3/2010

Viet Thang Aquafeed (VTFEED) has explained profit before tax in quarter 3/2010 decreased 10.5 billion dongs beside quarter 3/2009 as follows:

• Net revenue in quarter 3/2010 increased 20.5 billion dongs beside quarter 3/2009 but cost of goods sold increased 25.6 billion dongs and made gross profit decreased 5.1 billion dongs (12%). The main reason is gross profit in quarter 3/2009 from 2.1 billion dongs of processing of fish feed but no profit in quarter 3/2010 and the remains from decreasing 4,397 tons of selling volume (7.37%).

• Financial expenses in quarter 3/2010 increased 3.9 billion dongs (24%) beside quarter 3/2009 because interest expenses increased in 2010 and the Government did not subsidize 4% of interest as in 2009.

• Selling expenses in quarter 3/2010 increased 1.3 billion dongs (119%) because in 2010, the company supplemented feed products for cattle and poultry but selling volume was low.

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