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VST: Explanation for consolidated business result in Quarter 2/2012 Vietnam Sea Transport and Chartering Joint Stock Company (VITRANSCHART JSC) gave reasons causing the loss of VND14.908 billion in Quarter 2/2012 as follows:
By: VND million
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Item
|
Quarter
2/2012
|
Quarter
2/2011
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Difference
|
|
|
amount
|
%
|
|
Net revenue
|
388,678
|
525,551
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(136,873)
|
(26)
|
|
Cost of goods sold
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348,285
|
468,452
|
(120,167)
|
(26)
|
|
Gross profit
|
40,393
|
57,099
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(16,706)
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(29)
|
|
Selling expense
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24,604
|
36,782
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(12,178)
|
(33)
|
|
Financial profit
|
(31,806)
|
(62,240)
|
30,434
|
(49)
|
|
- Including: interest expense
|
34,821
|
45,732
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(10,911)
|
(24)
|
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Net operating profit
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(16,018)
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(41,923)
|
25,905
|
(62)
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Other profit
|
1,109
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51,988
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(50,879)
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(98)
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Total profit before tax
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(14,908)
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10,065
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(24,973)
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(248)
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Profit from subsidiaries
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519
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2,269
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(1,750)
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(77)
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-
Profit in Quarter 2/2012 decreased VND24.9 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 VND27 billion more than profit in Quarter 2/2011 because of
the following reasons: +
In Quarter 2/2012, revenue decreased VND136.8 billion (26%)
compared to in Quarter 2/2011, in which revenue of subsidiaries went down VND32.2 billion because revenue from shipping decreased strongly. 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) -
However, the Company continued saving expenses, decreasing
costs: +
Cost of goods sold in Quarter 2/2012 decreased VND120
billion (26%) because Cost of transport of parent company decreased VND94
billion (-24% ). 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 prices rose more than 20 percent compared to the same
period of last year +
Selling expenses and administrative expense were reduced by
VND12 billion (- 33%). -
Financial expense in Quarter 2/2012 was lower than Quarter
2/2011. Especially, interest expense in Quarter 2/2012 went down 24 % compared
to the same period of 2011, and exchange rate loss also decreased VND20 billion
thanks to stable exchange rate policy from early year. -
Profit from subsidiaries in Quarter 2/2012 was VND519
million, decreasing VND1.7 billion (77%) compared to in Quarter 2/2011.
HOSE
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