XMC: QII/2011 business different explanation
Vinaconex Xuan Mai Concrete & Construction JSC (HNX: XMC) explained difference in profit after tax in the Reviewed financial statement 2011 and QII.2011 of holding company as follows:
• Profit after tax in Financial statement QII.2011: VND19.82 billion
• Profit after tax in Reviewed financial statement 2011: VND8.63 billion
• Difference: VND-11.19 billion
Reasons for the difference:
• Supplementing provision for bad receivables because of revaluation of age of debt of receivables: VND2.5 billion
• Supplementing provision for long-term financial investment in subsidiaries: VND8.78 billion
• Reducing real estate revenue from project of Kien Hung Houses for low income: VND86.28 billion. Thus, profit after tax reduced by VND3.3 billion.
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