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VCG: Explanation for difference in financial statement Year 2011 before and after auditing (holding company)
On 05/04/2012, Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex., JSC) explained difference in financial statement 2011 (holding company) before and after auditing as follows:
After auditing, the profit before tax is VND255.8 billion with a decrease of VND251.3 billion compared to before auditing.
Reasons:
1. Items that increased the profit by VND81.5 billion
- An income of VND50.2 billion was accounted from some apartments sold at N05 project at New Urban Quarter, Tran Duy Hung
- Writing back of salary budget of 2011: VND28.1 billion (approved by the General meeting of Shareholders)
- Other reasons: VND3.2 billion
2. Items that decreased the profit by VND332.8 billion
- Provision for investment losses into Cam Pha Cement JSC increased by VND303.3 billion: After the Financial Statement before auditing of holding company is announced, Cam Pha Cement JSC reported the AGM approved the plan in which in 2012, the company continues suffering the losses. Seeing that the loss of Cam Pha Cement JSC in 2012 will affected heavily the holding company, to decrease the financial pressure of 2012, the Company decided to increase the provision for for investment losses into Cam Pha Cement JSC.
- Setting up provision for investment losses into Construction JSC No 11 (stock code: V11): VND29.5 billion. On 31/12/2011, the Company was holding 26% of charter capital of V11 and in 2012 will decrease this shareholding. As this investment is considered securities investment, the Company set up the provision according to Guidelines of Circular 228/2009/TT-BTC dated 07/12/2009 by the Ministry of Finance.
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