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SDY: Explanation for audit exception in semi-annual financial statement 2012
Song Da Yaly Cement JSC, of which stock code is SDY, sent audited semi-annual financial statement 2012 to State Securities Commission and Hanoi Stock Exchange. In the audit report no. 1014/BCKT-AAC on 10/08/2012 of Audit – Accounting Company Ltd, the audit exception stated that:
The company did not solve the variance of exchange rate of the foreign debt liquidation. If it was accounted right, the financial activities profit and the financial activities expense in the first 06 months would increase by VND 358,454,010 and VND 230,954,545. Followed by that the loss in the first 06 months of 2012 would decrease by VND 128,499,465.
Song Da Yaly Cement JSC announces the explanation as below:
- Financial activities profit: total cost estimation of the Xecaman 3 hydroelectricity project written on the pay check is Vietnam currency, followed by the Personal Propriety Business Registration of the personal propriety issued by Democratic People’s Republic of Laos. By the time the invoice was issued, it was converted into USD but the value earned by the company only be equal to the value in VND.
- Financial activities expense: every month the expense will be calculated bases on the amount of petrol sold to units in construction. Every month, bases on the increase/decrease USD/VND exchange rate then the remaining petrol will be recorded as debt to the units with the correlative exchange rate.
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