ITA: Explanation for business result in Q3.2012

Tan Tao Investment Industry Corporation (ITACO) explained the difference in profit between Quarter 3/2012 and Quarter 3/2011:

In Quarter 3/2012, Itaco handed over part of a land lot of Kien Luong project, leading to revenue in Quarter 3/2012 was VND410 billion. Profit after tax was VND11.4 billion, decreasing 37.2% compared to the same period of last year.

For the deductions revenue in Quarter 3/2012, ITACO explained as follows:

In the contract signed with enterprises that hire buy the project, enterprises has to develop construction within 365 days. However, withdrew the land lot of the project to seek for new investment partners because some enterprises have not constructed yet as committed.

HOSE

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