SHN: Explanation for negative profit in 2011

 Hanoi Investment General Corporation explained the negative profits after tax in 2011 (-VND146,024,923,662) as follows:

- Because the real estate market was quiet, distribution of apartment CT1-The Pride of HANIC became difficult. The financial expense increased due to allowance for apartments prices.
- Due to increased bank interest, interest expense increased.
- BETA BQP JSC – partner of HANIC – violated the contract. Thus, HANIC didn’t collect the dept and lacked of capital. The administration expense increased due to allowance for uncollectible accounts.

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