MSN: Explanation for business result in Quarter 1/2011

Ma San Group Corporation (HOSE: MSN) explained the fluctuation in business result in Quarter 1/2011 compared to Quarter 1/2010:

- Compared to Quarter 1/2010, the consolidated revenue and profit in Quarter 1/2011 were higher because of the following reasons:

+ Revenue and profit after tax in Quarter 1/2011 in turn increased 53.8% and 213%. The strong growth is mainly from the increase in sales of current product as well as new products.

+ Besides, MSN’s consolidated profit increased because interest from investment in the Corporation (Cash and deposit of the Corporation were VND4,964 billion).

- According to the private financial statements of Ma San Group Corporation in Quarter 1/2011, profit after tax fluctuated because of the following reasons:

+ Administrative cost increased highly because of the business requirement.

+ Loan interest expense increased 342% because of the converted loans worth VND1,328 billion.

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