HVG: Explanation for business result in Q4/2010

Hung Vuong Corporation (HOSE: HVG) explained the fluctuation in business result in Quarter 4/2010 as follows:

In 2010, An Giang Fisheries Import & Export Joint Stock Company officially became a subsidiary of Hung Vuong Corporation. Therefore, the consolidated income statement of Hung Vuong Corporation in 2010 includes profit from An Giang Fisheries Import & Export Joint Stock Company.

This affects the consolidated profit and lost in Quarter 4/2010 as follows:

+ Gross profit: Increased by 57%

+ Net profit: Increased by 44%

+ Other profit: Increased by 27%

+ Profit after tax: Increased by 11%

In Quarter 4/2009, Hung Vuong Corporation received an extraordinary income from re-adding the provision for financial investments which was set up in 2008, worth VND253,589,036,232, equal to 190% of the consolidated profit after tax.

In Quarter 4/2010, Hung Vuong Corporation had not any extraordinary income like that. Therefore, the consolidated profit after tax in Quarter 4/2010 was 63% lower than in 2009. If the Corporation excludes the effect of profit from An Giang Fisheries Import & Export Joint Stock Company, the decrease is 74%.

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