HPR: Explanation for change of over 10% in operating result in QIV.2011 compared to QIV.2010

Hong Phat Construction Investment JSC explained change of over 10% in operating result in QIV.2011 as follows:

Due to difficulties of social-economic situation, the State Bank applied policies on tightening currency, restricting inflation, cutting down loans to non-production sectors, especially real estate. Therefore, operations of the Company in QIV.2011 were affected, which lead to decrease in profit after tax.

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