HAX: Explanation for business result in 2011

Hang Xanh Motors Service Joint Stock Company (HAXACO) explained the business result in 2011:

- In 2011, economic difficulties, tight financing policy, interest rates and inflation increased strongly affecting car market and sales of the company went down, income decreased. Loan interest rate rose while suppliers did not reduce prices. 
- The listing and trading additional shares plan of the company did not finished ( 975,000 shares were not issued to strategic shareholders). Therefore, capital was short of new Showroom & Workshop investment construction. Besides, new Showroom & Workshop at Vo Van Kiet Street opened ineffective.

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