PNC: Explanation for business result in 2011

Phuong Nam Cultural Joint Stock Corporation explained loss after tax was –VND854,477,178 in 2011, according to contents of document No.914/2012/SGDHCM – NY as follows:

-         Retained earnings in 2010 was VND4,797,736,245, while according to Decision of the 2011 AGM date March 25, 2012, AGM approved to pay dividend  5% of  equity capital from profit after tax in 2010 ( after distributed funds) which was VND4,909,008,000. Therefore, the company must use retained earnings in 2010 of parent company for payment dividend.

-         Fund distribution with % of profit in subsidiaries was over VND699,925,330.

-         Other decreasing: VND 52,746,220.

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