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VTC: Explanation for the loss in Audited Financial Statement Y2011 and Solution
On 13/04/2012, VTC Telecommunications JSC explained reasons for the loss in Audited Financial Statement Y2011 and Solutions as follows:
1. Reasons for the profit after tax of VND (-7,546,684,214)
- The Company met many difficulities in 2011. VNPT reduced the purchase, some projects of the holding company were not accounted in 2011.
- Because of high interest, the Company did not invest much into commerce. The costs were cut, but the revenue target was not achieved, thus the income was negative.
- Smart Technology Investment and Development Company Limited: there were not enough jobs in first half of the year, the company made profit but not sufficient to offset losses.
- Integration Technology Company: the contract was carried out but had not been settled.
2. Solutions:
- Focusing on big customers, finding new customers.
- Opening some profitable business lines
- Increasing corporate governance, cutting costs
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