PPE: Explanation for difference in profit in FS QIV.2012

PPE: Explanation for difference in profit in FS QIV.2012

(01/2013) PetroVietnam Power Engineering Consulting JSC explained the difference of profit after tax in FS QIV.2012 as follows:

1. Difference:

- Profit after tax QIV.2011: - VND624,164,481

- Profit after tax IV.2012: - VND693,560,133

- Expenses QIV.2012: VND6,032,550,824

- Expenses QIV.2011: VND2,151,659,479

- Revenue QIV.2012: VND5,341,940,616

- Revenue QIV.2011: VND1,304,229,033

2. Reasons:

-       Economic recession, difficulties in capital hindering new project implementation,  delaying existing project progress, lengthening contract settlement period, leading to increase in expenses, affecting business results.

-       Although the company took action to save expenses, profit before tax still decreased compared to same period of last year due to settlement of contracts from previous years.

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