SRF: Explanation for business result in Q1/2012

Seaprodex Refrigeration Industry Corporation explained the difference in the consolidated income statement of Quarter 1/2012 compared to Quarter 1/2011:

1. Revenue: Net revenue increased VND38.6 billion (+65.97%) from the same period of last year mainly because the implementation works approved in this period were higher than Quarter 1/2011.

2. Profit before tax: Profit before tax in Quarter 1/2012 rose VND6.1 billion from Quarter 1/2011 mainly because:

- Gross profit in the period went up.

- Financial expense went down because the decrease in provisions for securities, exchange rate difference, borrowing expense.

- Administrative expense increased because the increase in provision for bad debts and the adjustment of salary.

HOSE

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