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BTP: BTP adjusts expenses & profit in Jan 2011
In January 2011, the extension for the gas contract between Ba Ria Thermal Power Joint Stock Company (HOSE: BTP) and a gas company was not finished. Therefore, the gas company temporarily issued an invoice to BTP according to the 2010 contract, the exchange rate in the invoice was based on the interbank exchange rate and paid at the exchange rate of Joint Stock Commercial Bank for Foreign Trade of Vietnam at the payment time, and the difference would be recorded to the exchange difference (This difference was expected to raise in nest month).
Until now, the extension for the contract was signed and the two sides decided to re-issue another invoice according to contract appendix. Thus, the exchange rate is the exchange rate of Joint Stock Commercial Bank for Foreign Trade of Vietnam at the issue of invoice and paid at the exchange rate in the invoice. Therefore, the difference was recorded to expense in January 2011.
Ba Ria Thermal Power Joint Stock Company would like to adjust figures in January 2011 as follows:
Old information:
- Total revenue in January: VND 206,793,650,856
- Total expenses: 191,263,091,488
- Total profit before tax: VND 15,530,559,368
New information:
- Total revenue in January 2011: VND 206,793,650,856
- Total expenses: VND 195,829,572,615
- Total profit before tax: VND 10,964,078,241
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