PCG: Business operating results

Petro Viet Nam Gas City Investment and Development JSC (HNX: PCG) explained the decreaseèo over 10% in operating result in Quarter III/2011 year on year as follows:

- Price of LPG has fluctuated for these four months, especially it decreased sharply on October. Thus, in Quarter III, gross profit of the Company was below the plan. Besides, inventory on 30/9/2011 was large and the Company had to set up a provision for decrease of inventory’s price

- Because of financial crisis, most of the Company’s partners are in difficulities. Some bad debts have arisen and the Company has to set up provision for bad debts

- Real estate market is being frozen, which created problems to settlement of constructions. Thus, the construction revenus has not been accounted. Moreover, a large amount of cash has been invested into construction, which makes the net cash flow of business and operation negative and decreases the revenue from financial activities.

HNX

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