HSG: Explanation for Q.4-2012 consolidated FS

In Quarter IV of fiscal year 2011-2012, the consolidated profit after tax of Hoa sen Group was nearly VND78 billion increasing VND43.5 billion compared to the same period of fiscal year 2010-2011. Hoa sen Group explained as follows:

-         Gross profit increased VND112.7 billion from VND228.4 billion to VND341.1 billion.

-         Financial expense decreased VND12.7 billion from VND87.4 billion to VND74.7 billon, mainly because:

-         In Quarter IV of fiscal year 2011-2012, the average loan interest rate was lower than the rate in Quarter IV of fiscal year 2010-2011.

-         In Quarter IV of fiscal year 2011-2012, the balance of short-term and long-term bank loans was also lower than the loans in Quarter IV of fiscal year 2010-2011.

-         Selling expense decreased VND1.4 billion from VND92.8 billion to VND91.4 billion.

-         Administrative expense increased VND35.2 billion from VND51.8 billion to VND87 billion.

-         The cumulative consolidated profit after tax for 12 months of fiscal year 2011-2012 was VND366.2 billion.

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