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LGC: Explanation for business result in Q3/2011
Lu Gia Mechanical Electric JSC (HOSE: LGC) has explained the fluctuation in business result between QIII/2011 and QIII/2010:
By: VND
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|
Item |
QIII/2010 |
QIII/2011 |
Difference |
|
Value |
Ratio |
|
1 |
Net revenue |
53,089,334,151 |
26,217,688,558 |
(26,871,645,593) |
-51% |
|
2 |
Profit after tax |
10,620,000,795 |
2,216,890,844 |
(8,403,109,951) |
-79% |
Revenue in QIII/2011 was lower than in QIII/2010 mainly because of the decrease in incomes from selling of apartments and construction of public lighting system.
About selling of apartments: Because the progress of construction of apartments was slower than planned, so the transfer of apartments was late, proceeds from selling apartments decreased, and the Company’s revenue went down.
- About construction of public lighting system: Because at present the Government has tightened public investment, property market was quiet, so infrastructure and property projects have not been implemented. Therefore, works of public lighting systems have also been paused. Besides, some projects have been under construction, have not been checked and taken over in time in QIII/2011, so the Company could not record revenue in QIII/2011.
HOSE
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