VNN: Explanation for negative profit after tax

According to 2012 Financial Statement of the holding company, profit after tax of 2012 was VND 40,008,914. An Cuong Company, VNN’s subsidiary suffered loss of VND 6,017,000. When Vietnamnet Investment JSC invested in An Cuong Company, goodwill was VND 2,565,000 and was distributed in 10 years. Therefore, in Consolidated Financial Statement, management expenses was higher VND 262,517,000 than that of the holding company. Profit after tax in the holding company’s Financial Statement was VND 40,008,914 and that in Consolidated Financial Statement was VND -222,506,086.

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