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CYC: Explanation for business result in QII/2011
In QII/2011, the profit after tax of Chang Yih Ceramic JSC (HOSE: CYC) was VND900,500,470, more than the profit after tax in the same period of last year. The ratio of cost of goods sold to revenue decreased 5.28%
Profit after tax in QII/2011 was VND900,500,470, more than the profit after tax of VND1,130,248,224 in the same period of last year mainly because of the following reasons:
• Gross profit increased 57.70%, equivalent to VND5,300,919,018
• Selling expense increased 28.61%, equivalent to VND1,092,800,101, mainly because fuel cost and export fee went up
• Administrative expense decreased 29.70%, equivalent to VND1,250,321,300.
• Financial expense rose 63.82%, equivalent to VND2,428,111,852, because the foreign exchange rate difference and bank interest rate increased
• Financial revenue decreased 45.47%, equivalent to VND387,198,532, because the foreign exchange rate of receivables in the import field in this period affected the consignments which used LC discounted before export.
HOSE
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