SVT: Explanation for the loss in the first 6 months
Sai Gon Vien Dong Technology Joint Stock Company (Savitech JSC) has explained the difference in the profit after tax for the first six months of 2012 before and after being reviewed by auditors:
By: VND
Financial statements by the Company’s Reviewed financial statements Difference Profit after tax for the first six months of 2012 2,028,329,761 -1,005,894,886 -3,034,224,647 Reasons: - Reason causing the loss: The Company’s main business activities have brought profit, but there are some associated companies that Savitech invests in have not effectively operated and had losses because of economic difficulties. - Explanation for the difference: Savitech set up another a provision of VND3,262,702,281 for long-term financial investment for loss-making companies, and decreased the corporate income tax expense by VND228,477,634 because of the above provision. Therefore, the remaining profit after tax was –VND1,005,894,886.
Financial statements by the Company’s
Reviewed financial statements
Difference
Profit after tax for the first six months of 2012
2,028,329,761
-1,005,894,886
-3,034,224,647
Reasons:
- Reason causing the loss: The Company’s main business activities have brought profit, but there are some associated companies that Savitech invests in have not effectively operated and had losses because of economic difficulties.
- Explanation for the difference: Savitech set up another a provision of VND3,262,702,281 for long-term financial investment for loss-making companies, and decreased the corporate income tax expense by VND228,477,634 because of the above provision. Therefore, the remaining profit after tax was –VND1,005,894,886.
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