HAP: Explanation for business results in Q1.2011

Hapaco Group Joint Stock Company (HOSE: HAP) has announced explanation for business result in quarter 1/2011 as follows:

• Profit after tax in quarter 1/2010: VND4,371,948,848

• Profit after tax in quarter 1/201: VND1,294,749,823

• Decreasing: VND3,077,199,025 (-70.3%)

• Reasons:

• Revenue sales and services in quarter 1/2011 increased 33%  but due to the input factors increased high to gross profit decreased VND473 million.

• Financial incomes in quarter 1/2011 decreased high compared with quarter 1/2010 (Because in quarter 1/2010, the company had received amount VND2,000 million from the dividend payment), while financial expenses increased leading to profit from financial activities decreased VND1,974 million.

• Beside, business activities of the associated companies not effectively leading to financial statement in quarter 1/2011 losses VND569 million.

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