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CMT: Explanation for business result in Quarter 4/2010
From Information and Networking Technology Joint Stock Company (INFONET.,JSC) (HOSE: CMT) reasons causing the loss in Quarter 4/2010 are as follows:
• The regression has affected or suspended the upgrading of information technology infrastructure of telecommunication companies and banks in 2010, thus some projects have not executed.
• The Company lost VND2.08 billion mainly in December 2010 because of the following reasons:
1. In December 2010, because of the fluctuation of financial market, interest rate raised highly, so financial expenses for projects increased sharply.
2. The exchange rate in December also changed and the Company could not take the initiative in foreign currency resource to import input equipment for projects. Therefore, there were more rising expenses relating to international settlement for goods imported in Quarter 4.
3. Under new regulations of the Ministry of Finance, the Company had to enter the unrealized foreign exchange difference loss difference in account.
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