VNH: Explanation for business result of parent company in Q4.2012

VIET NHAT SEAFOOD CORPORATION explained the fluctuation in business result of parent company between Quarter 4/2012 and Quarter 4/2011:

Profit after tax in Quarter 4/2012 was –VND16,157,336,401, decreasing VND17,159,413,741 compared to Quarter 4/2011 (VND1,002,077,340).

Reason:

1. Gross profit in Quarter 4/2012 was –VND10,414,931,452, decreasing VND16,761,766,324 compared to in Quarter 4/2011 (VND6,346,834,872) Reason:

Input expenses in Quarter 4/2012 increased 25% compared to in Quarter 4/2011.

The company increased salary 25% (VND381,512,788) in Quarter 4/2012.

Provision for devaluation inventories in Quarter 4/2012 increased VND491,491,201 compared to in Quarter 4/2011.

In November, 2012 the company recorded a loss of VND660,101,311 because customers returned canned tuna shipment.

In Quarter 4/2012 because of shortage of raw materials, leading to loss in Quarter 4/2012 increased VND3,880,435,764 compared to in Quarter 4/2011.

Revenue in Quarter 4/2012 was VND16,592,600,955, equal to 51% of Quarter 4/2011 ( VND32,386,937,343).  

2. Financial income in Quarter 4/2012 was VND10,041,637, decreasing VND5,278,076 compared to in Quarter 4/2011 (VND15,319,713) because of interest from bank deposits decreased.
3. Financial expenses in Quarter 4/2012 was VND1,604,401,171, decreasing VND1,321,023,736 compared to in Quarter 4/2011 (VND2,925,424,907). Because the company paid interest expenses and loss from exchange rate differences.
4. Selling expenses in Quarter 4/2012 was VND614,456,239, decreasing VND81,349,648compared to in Quarter 4/2011 because freight increased.
5. General and administration expenses in Quarter 4/2012 was VND3,482,733,087, increasing VND1,613,620,200 compared to in Quarter 4/2011, because office management expenses went down and in December, 2012, the company made reserve for bad debts of VND2,060,516,764.
6. Other expenses in Quarter 4/2012 was VND50,856,089, increasing VND44,253,346 compared to in Quarter 4/2011.
7. Profit before tax in Quarter 4/2012 was –VND16,157,336,401 decreasing VND17,022,544,562 compared to in Quarter 4/2011.
8. Profit after tax in Quarter 4/2012 decreased VND17,159,413,741 compared to in Quarter 4/2011

HOSE

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