OCH: Explanation for difference in financial statement Year 2011 before and after auditing (holding company)
On 10/04/2012, Ocean Hospitality & Service JSC explained difference in financial statement 2011 (holding company) before and after auditing as follows:
After auditing, the profit after tax is VND66,989,732,561 with a decrease of VND17,827,687481 compared to before auditing.
Reasons:
In the audited financial statement, the financial expenses increase which makes the income tax decrease by VND4,942,562,494.
Financial expenses increase by VND23,770,249,975 as the auditor sets up provision for losses in securities investment in Phuong Dong Petroleum Tourism JSC (stock code: PDC). Before auditing, the Company saw that the purchase price was lower than the par value and looking at the Owner’s Equity of Phuong Dong Petroleum Tourism JSC, the number of shares that the Company is holding was still profitable, which means provision was not necessary.
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