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VTF: Explanation for business result in Q4.2011
Viet Thang Feed Joint Stock Company (VTFEED) explained the fluctuation in profit between Quarter 4/2011 and Quarter 4/2010:
Profit before tax in Quarter 4/2011 increased VND5.94 billion compared to the same period of 2010 because of the following reasons:
- Net revenue in Quarter 4/2011 rose VND246.54 against Quarter 4/2010, and the cost of goods sold increased VND235.70 billion. So, gross profit in Quarter 4/2011 was higher than Quarter 4/2010, up VND10.84 billion (or 16.45%). The main reason was that the selling quantity in Quarter 4/2011 rose 16.76%, the average selling price also rose 21.16% while the average cost of goods sold rose 23.88%.
- Financial income in Quarter 4/2011 was VND0.48 billion (or 54.23%) higher than the same period of 2010, mainly thanks to bank interests.
- Financial expense in Quarter 4/2011 went up VND2.53 billion (19.92%) because of the increase in borrowing interest rates.
- Selling expense in Quarter 4/2011 increased VND3.03 billion (84.96%) from Quarter 4/2010, because the selling quantity was up and expenses also went up, and an expense for tourist services for customers arose in Quarter 4/2011 while there was not this expense in Quarter 4/2010.
- Administrative expense in Quarter 4/2011 decreased VND0.84 billion (14.82%) from Quarter 4/2010 mainly because VTFEED re-added the provision for bad debts in Quarter 4/2011.
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