Hung Vuong Corporation explained the fluctuation in business result of Quarter 2/2012 compared to Quarter 2/2011:
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In
Quarter 2/2012, the average export price of fish fillet was US$3/kg and did not
change more than Quarter 1/2011, and export volume went down, so sales in
Quarter 2/2012 lost 9%. While, costs of cat fish farming and processing went
up, so cost of goods sold just decreased 6%. HVG’s gross profit in Quarter
2/2012, therefore, fell 23% compared to the same period of 2011.
-
Financial
income in Quarter 2/2012 decreased 87% and made profit after tax go down 30%
against Quarter 2/2011, mainly because of sharp decrease in exchange rate
difference.
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Interest
expense in Quarter 2/2012 was 7% more than Quarter 2/2011, but financial
expense in Quarter 2/2012 still decreased 27% thanks to decreases in exchange
rate difference and in financial provision. Therefore, profit after tax in
Quarter 2/2012 increased 18%.
-
Administrative
expense in Quarter 2/2012 was saved 58% because HVG decreased the provision for
bad debts. However, selling expense increased 30% because of transport and
shipping fees.
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In
Quarter 2/2012, profit from joint ventures, associated companies also decreased
12%, so HVG’s profit after tax lost 2%.
-
In
short, because the above reasons, HVG’s profit after tax in Quarter 2/2012
decreased VND85,452,500,533, or 56%, compared to Quarter 2/2011.
