HLY: Explanation for negative profit in audited Financial Statement 2012

(18/02/2013) Viglacera Ha Long I JSC explained the negative profit in 2012 as follows:

-          Profit loss in 2012: VND(-)3,245,986

-          Profit in 2011 :        VND3,307,837.283

-         Reasons for negative profit in 2012: The volume of consumed products decreased by 27.72% compared to the same period of 2012, selling prices were 10.5% lower than that of 2011, inventory in large quantity directly affected to cash flow. Production quantity was low at 71% compared to the same period, the price of materials increased, for example 10% higher electricity price, 19.4% higher oil price. Interest expenses increased by VND1,141,112,937 compared to the year 2011.

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