SHC: Business operational explanation

According to the Financial Statement QIII/2011, profit after tax of QIII/2011 changed more than 10% year on year (VND8,088,537 and –VND3,816,944,052 in QIII.2011 and QIII.2010 respectively). Sai Gon Maritime JSC (HNX: HSC) explained the change in operating result in QIII/2011 as follows:

- In 2010, the Company leased SHC Pioneer Ship. Because the fees from ship leasing decreased sharply, the Company lost from VND1.3 billion to VND1.8 billion every month. At the end of 2010, the Company sold the ship. In 2011, although the Company is still meeting difficulties, the loss from ship leasing is longer incurred.

HNX

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