PVA: QII-2011 Operation results explanation

According to the Financial Statement Quarter II/2011, net income of Quarter II/2011 is VND5,363,766,042 with a decrease of VND18,835,771,583 (77.84%) year on year. PetroVietnam Nghe An Construction JSC (HNX: PVA) explained the decrease in operating result in Quarter II/2011 as follows:

- Difficulities in the Company’s operation due to economic recession.

- High interest rate has affected the company’s business. Construction works were cut down because of lack in resources. Projects under implementation must get longer because of high interest rate, which decreased the efficiency of the Company’s activities.

- Besides, in Quarter II/2010, the Company got other income (VND19,424,727,273) from the difference in re-evaluating assets contributed to subsidiary PetroVietnam Nghe An Investment and Trade JSC.

HNX

>   PVX: QII-2011 Operation results explanation (12/08/2011)

>   SDG: QII/2011 Operation results explanation (12/08/2011)

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>   RDP: Explanation for business result in QII/2011 (12/08/2011)

>   VNI: The BOD’s resolution of buying back shares (12/08/2011)

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>   CMX: Extension of the submission date for QII/2011 financial statements (12/08/2011)

>   CMX: Extension of the submission date for QII/2011 financial statements (12/08/2011)

>   STP: QII/2011 Operation explanation (12/08/2011)

>   RHC: QII/2011 Operation explanation (12/08/2011)