|
SD7: Explanation for the change of over 10% in operating result in QIV/2010
According to the Financial Statement Quarter IV/2010, net income is VND 407,484,000,000 with a decrease of 75% compared to Quarter IV/2009 (VND 232,780,000,000). Song Da No.7 Joint Stock Company (HNX: SD7) explained the decrease in operating result in QIV/ 2010 as follows:
|
Items |
QIV/2010
(VND million) |
QIV/2009
(VND million) |
% change |
|
Net sales of merchandise and services |
407,484 |
232,780 |
75 |
|
Cost of goods sold |
353,864 |
197,265 |
79 |
|
Financial income |
931 |
3,167 |
-71 |
|
Financial expenses |
16,866 |
7,008 |
133 |
|
Accounting profit (Loss) before tax |
10,866 |
17,347 |
-37 |
|
Income tax payable |
4,711 |
1,624 |
190 |
|
Deferred income tax |
-1,545 |
0 |
- |
|
Net profit (Loss) after tax |
7,700 |
15,722 |
-51 |
|
Minority interest |
3,709 |
5,476 |
-32 |
|
Net profit (Loss) after tax of the Holding |
3,991 |
10,246 |
-61 |
In QIV/2010, despite of consolidated income increase 75% in compare to QIV/2009, the Net profit (Loss) after tax decrease 51% of QIV/2009 due to the following reasons:
- The cost of goods sold went up 79% (More than the income increase) thank to Son La Hydroelectric Project was in the end of implementing, the expenses has increased;
- The changes in currency market made the interest of loans increased, the financial expenses went up to 133% of QIV/2009. In QIV/2009, the interest was 10.5 - 12%/year, reduced 4%/year (Supported by the Government) then the real interest was 6.5 - 8.5%/year, but it was 18%/year in QIV/2010. In other hand, the Company had to give VND billion 2.5 for the fund of decrease in stock prices, it was VND billion 2.146 in QIV/2009;
- Financial income of QIV/2010 reduced 71% of QIV/2009 because the holding and subsidiaries had created some loans and deposit accounts with unused cash in QIV/2009.
hnx
|
