Ca Mau Frozen Seafood Processing Import Export Corporation has explained the business results in Quarter 1/2012 and Quarter 1/2011 as follows:
- Profit after tax in Quarter 1/2012: 3,486,977,086 dongs
- Profit after tax in Quarter 1/2011: (25,245,971,955) dongs
- Increased: 28,732,949,041 dongs
- Reasons:
+ Net revenue from sales in Quarter 1/2012 decreased by 15.638 billion dongs, down (6.58%). Cost of goods sold decreased by 57.395 billion dongs, down (23.26%) making gross profit increased by 41.757 billion dongs because the difference in the production structure.
+ Financial incomes in Quarter 1/2012 decreased by 15.299 billion dongs, down (85.80%) compared to Quarter 1/2011. Financial expenses in Quarter 1/ 2012 decreased by 16.840 billion, down (45.87%) making profit in Quarter 1/2012 creased by 1.181 billion dongs because:
· Average bank deposits in Quarter 1/2012 but bank deposit interest rates rose, so income from interest rates increased 366,152,661 dongs making profit went up 0.366 billion dongs.
· Foreign exchange rate increased highly. Quarter 1/2012, profit from foreign exchange rate decreased by 525,697,268 dongs, down (78.89%) leading profit went down 0.525 billion dongs.
* In Quarter 1/2012, average short-term interest and long-term interest in banks decreased from by 782.377 billion dongs down by 659.740 billion dongs, down (15.67%) leading interest rate expense decreased by 1,341,103,220 dongs, down (7.13%). Therefore, profit rose by 1.341 billion dongs.
3. Selling expenses in Quarter 1/2012 decreased by 1.036 billion dongs, down (11.46%) and general & administrative expenses in Quarter 1/2012 creased by 0.305 billion dongs, up (7.34%) leading to profit increased by 0.731 billion dongs. Storage charges in Quarter 1/2012 went down by 854,066,681 dongs, down (65.60%) compared to the Quarter 1/2011.
4. Other incomes decreased by 14.843 billion dongs, down (95.95%). Other expenses increased by 0.093 billion dongs, up (57.25%) leading other profit decreased by 14.936 billion dongs because the company recorded up income from shrimp in previous years (15,000,000,000 dongs) in other income.
