SJS: Explanation for loss in Quarter 2.2012

Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (SUDICO) explained the losses in financial statements and consolidated financial statements for Quarter 2 and the first six months of 2012 before and after audit as follows:

-         The economic difficulties have directly affected the Company’s business activities. Besides, SUDICO’s main business is real estate sector. In the first six months, SUDICO has not gained any revenue from property, and SUDICO’s revenue has been mainly from services and other income.    

-         Moreover, the Company in the period had to set up a provision for overdue receivables of some secondary contracts in Nam An Khanh New Urban Area Project and a provision for financial investments in subsidiaries, associated companies in 2012.

Besides, administrative expense, recurrent costs, etc. have affected the Company’s profit. Therefore, the Company is trying to restructure organization in order to reduce financial pressure from expenses above.  

HOSE

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