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PSG: Explanation for difference in financial statement QIV.2012 and Quarter IV.2011
(21/01/2013)
Saigon Petroleum Construction and Investment JSC explained difference in income
and profit after tax in financial statement Quarter IV.2012 and Quarter IV.2011
as follows:
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Items
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Quarter
IV.2012
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Quarter
IV.2011
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Difference
|
|
Income
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14,616,210,587
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344,697,051,413
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(330,080,840,826)
|
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Profit
after tax
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(68,448,966,061)
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(101,101,513,894)
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Reasons
for the difference:
1. Income:
Due
to difficulties in financial business in general and real estate business in
particular, the Company did not sign any further contract in 2012. Production
and business activities in 2012 were mainly taken on works/projects transferred
from previous years, leading to loss of income.
2. Works/projects
were in progress. Difficulties in capital mobilization from investors led to small
amount of accounts receivable. Lack of resources to pay to credit organizations
led to big outstanding loans, high interest expenses. Besides, high increase of
input costs such as materials, labor led to higher costs, affecting profit
after tax QIV.2012. HNX
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