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SPM: Explanation for business result in Quarter 1/2011
S.P.M Corporation (HOSE: SPM) explained business result in Quarter 1/2011 as follows:
Unit: VND
|
Items |
Quarter 1/2011 |
Quarter 1/2010 |
Comparision with the same period last year |
|
Sales of goods |
65,500,201,381 |
79,184,666,379 |
(13,684,464,998) |
(17.28%) |
|
Cost of goods sold |
45,117,192,471 |
48,755,890,958 |
(3,638,698,487) |
(7.46%) |
|
Gross profit |
20,383,008,910 |
30,428,775,421 |
(10,045,766,511) |
(33.01%) |
|
Profit after tax |
13,655,744,602 |
20,781,701,826 |
(7,125,957,224) |
34.29%) |
• Profit in quarter 1/ 2011 decrease by VND7,125,957,224 (+34.29%) compared to quarter 1/2010 because of the following reasons:
• In quarter 1/2011 exchange rate of fluctuation, scarcity of foreign currency and interest of banks increase affect the production situation. Prices change the effect to the business situation of the company, revenue decrease (-17.28%).
• Prices of material raw increase to gross profit: revenue decrease (-17.28%), gross profit decrease (-33.01%) to profit from activities production decrease.
• In early months of 2011, Drug Administration requires pharmaceutical companies do not raise prices in order to stabilize the drug market while prices of raw material, input costs increase affect to performance production business.
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