PPE: Explanation for negative profit after tax 2012

PPE: Explanation for negative profit after tax 2012

(01/02/2013) PetroVietnam Power Engineering Consulting JSC explained negative profit after tax 2012 as follows:

1. 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.

FS 2012:

-       Revenue: VND6.99 billion

-       Profit: VND (-) 4.74 billion

2. Auditing opinion in FS 2012

In regard to recording revenue upon process of contract from 2010: in 2010, the company recorded revenue of VND12.67 billion, in 2012, the company recorded receivables of VND7.77 billion. The rest of VND4.89 billion was not recorded due to investors in the period of restructuring investment capital.

HNX

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