STB: Explanation for business result in Quarter 1/2012

Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has explained the fluctuation in profit after tax of Quarter 1/2012 compared to Quarter 1/2011:

-         In quarter 1/2011, price of sugar increased highly, while price of sugar decreased 10%, cost of goods sold rose 21% leading profit in quarter 1/2012 went down 30% compared to the same period of last year.

-         Financial expenses in quarter 1/2012 increased 13 billion dongs because capital for investment rose. Besides, Sacombank expanded  production so general & administrative expenses increased 53% compared to the same period of last year, but  product cost per unit,  general & administrative expenses increased 10% compared to the same period of last year.

-         Profit before tax in quarter 1/2012 decreased 42% compared to Quarter 1/2011.

HOSE

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