ITA: Explanation for business result in Q3.2012 - Revised

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 a part of land lot of Kien Luong Project, so its 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.

-         About the decrease in Quarter 3/2012 revenue, ITACO explained: Based on the contracts signed with enterprises that hire or buy land of this project, the enterprises must implement construction within 365 days. However, when ITACO has examined and found that some enterprises have not yet constructed as committed. Therefore, ITACO withdrew the land lot of the project to seek for new partners.

HOSE

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