CYC: Explanation for business result in Q1/2011

Chang Yih Ceramic Joint Stock Company (HOSE: CYC) has explained business result in Q1/2011 as follows:

Loss of the company was VND1,366,666,666 in Q1/2011 and VND2,170,877,201 in Q1/2010.

Reasons:

• Decrease of gross profit: VND3,984,287,271 (38.08%)

• Increase of sales of selling products: VND1,133,597,630 (38.45%) because of increase of production cost.

• Decrease of management expenses: VND487,940,380 (13.77%)

• Decrease of financial expenses: VND1,224,338,864 (27.63%). Because fluctuation of exchange rate.

• Increase of financial income: VND1,016,922,222 (72.11%) because  deposit interest increase and exchange rate increase impact to accounts receivable in the export sector.

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