OGC: Explanation for Q4.2010 business result

Ocean Group Joint Stock Company (HOSE: OGC) explained the reasons making profit in Quarter 4/2010 increase over 10% from Quarter 4/2009:

• Profit after tax in Quarter 4/2009: VND37,166,795,361 (1)

• Profit after tax in Quarter 4/2010: VND185,113,877,511 (2)

• Increase (2) – (1): VND147,947,082,150

Reason:

Compared to Quarter 4/2009, the Company’s operating scale in Quarter 4/2010 has grown strongly thanks to the increase in charter capital from VND390 billion to VND2,500 billion  (In late Quarter 4/2009: Increasing capital to VND1,968 billion and in Quarter 1/2010: increasing capital to VND2,500 billion) and the restructuring of subsidiaries and joint-ventures.   

hose

>   VLF: Collected income taxes in the previous years (11/02/2011)

>   VNM: THE 2010 ESOP (11/02/2011)

>   SJC: Board resolution (11/02/2011)

>   EFI: Explanation for the change of over 5% in operating result in QIV- 2010 (11/02/2011)

>   AME: Board resolution (11/02/2011)

>   STC: Board resolution (27/01/2011)

>   DBC: Board resolution (28/01/2011)

>   GIL: Extension of the submission date for Q4/2010 financial statements (28/01/2011)

>   SRF: Extension of the submission date for Q4/2010 financial statements (28/01/2011)

>   VDL: Report on use of proceeds (10/02/2011)