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VST: Explanation for business result in Quarter 2/2012 Vietnam Sea Transport and Chartering Joint Stock Company (VITRANSCHART JSC) gave reasons causing the loss of VND15 billion in Quarter 2/2012 as follows:
By: VND million
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Item
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Quarter 2/2012
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Quarter 2/2011
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Difference
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|
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amount
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%
|
|
Net
revenue
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324,310
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428,728
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(104,418)
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-24%
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Cost
of goods sold
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290,809
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384,957
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(94,148)
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-24%
|
|
Gross
profit
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33,501
|
43,771
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(10,270)
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-23%
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Selling
expense
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17,463
|
23,672
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(6,209)
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-26%
|
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Financial
profit
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(31,619)
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(61,885)
|
30,266
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-49%
|
|
- Including: interest
expense
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34,682
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45,340
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(10,658)
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-24%
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Net
operating profit
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(15,581)
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(41,786)
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26,205
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Other
profit
|
154
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49,583
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(49,429)
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|
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Total
profit before tax
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(15,427)
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7,797
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(23,224)
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|
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Corporate
income tax
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-
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1,949
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(1,949)
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|
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Profit
after tax
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(15,427)
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5,848
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(21,275)
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-
Profit in Quarter 2/2012 decreased VND21 billion compared to
the same period of 2011 mainly because Vitranschart sold ship Phuong Dong 3 for
VND49 billion in 2011. If excluding this income, Vitranschart’s profit in Quarter
2/2012 was VND26 billion more than profit in Quarter 2/2011 because of the
following reasons: +
In Quarter 2/2012, transport output was 363,200 tons
decreasing 36 percent compared to Quarter 1/2012. The decrease in transport
capacity (Vitranschart reduced three vessels with 52,556 DWT) and the increase
of 16 percent in the waiting time affected Vitranschart’s revenue, while
freight went up slowly in Quarter 2/2012. Therefore, Vitranschart’s operating
revenue lost VND104 billion, or 24 percent. -
Fuel prices rose more than 20 percent compared to the same
period of last year. However, the Company continued saving expenses, decreasing
costs: +
Cost of transport decreased VND94 billion (-24 percent).
Besides the reason of selling of three vessels, the main reason is because the
Company recorded a decrease of 75 percent in vessel depreciation, and this
helped depreciation expense go down VND47 billion. +
Fuel expense dropped slightly 5 percent, or VND8 billion. +
Selling expenses and administrative expense were reduced by
VND 6.2 billion (-26 percent). -
Financial expense in Quarter 2/2012 was high but VND30
billion lower than Quarter 2/2011. Especially, interest expense in Quarter
2/2012 went down 24 percent compared to the same period of 2011, and exchange
rate loss also decreased VND23 billion thanks to stable exchange rate policy
from early year.
HOSE
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