Profit after tax after auditing decreased by VND86,189,687,188 compared to that before auditing.

Reasons:

1. Construction:

Constructions in 2011 were mainly high buildings in form of package contract. These buildings are still under construction and have not been completed for settlement.

However, to ensure the principle of prudence in accounting, Auditor compared work in progress and realized value to recalculate expenses of work in progress at the closing balance, which decreased net revenue by VND62,014,391,027.

2. Financial expenses:

            In 2011, interest rate was high (from 17% to 24%). Total interest expenses in 2011 were VND54,980,858,202 while in 2012 they were only VND17,980,686,175. The transfer of all interest expenses to financial expenses increased the loss by VND20,659,788,217.

3. Other expenses:

            The difference incurred when the Auditor recalculated depreciation of tools and machines in inventory (not used for construction) decreased the profit by VND3,747,501,901.