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VCS: Explanation for change of over 10 percent in operating result QIV.2012
According to the Financial Statement
QIV.2012 (consolidated), profit before tax of year 2011 decreased by 38.76% (VND10,934,646,118)
year on year.
Vicostone
JSC (Stock code: VCS) explained the decrease in operating result in year 2011 as
follows:
1.
Net revenue from sale and services decreased by VND14,770,263,186 (5.87%)
because:
-
Net revenue from export increased by VND 22,421,987,605 (8.92%)
-
Net revenue from domestic sale decreased by VND37,192,250,791 (904.99%) as the
Company excludes the revenue from the sale to Vietnam Stone Processing JSC
(internal trade)
2.
Gross profit decreased by 26.51% as in QIV/2012, the Company set up Provision
for inventories (VND19,891,374,205) and production cost increased, which caused
the increase in the cost of goods sold.
3.
Financial income decreased by 30.66% as interest from deposits and lending
decreased by VND103,969,146 and interest from realized exchange rate difference
decreased by VND394,555,692.
4.
Other income increased by VND514,296,324 (13.39%) due to the increase in the tax
refund.
5.
Financial expenses decreased by VND30,647,096,446 (49.87%):
- Borrowing expenses increased by
VND7,661,769,633
- Loss from realized exchange rate
difference decreased by VND11,154,381,291
- Loss from unrealized exchange rate
difference decreased by VND26,393,287,012
6.
Selling expenses increased by VND5,079,247,616 (56.78%) as expenses for the
sale staff and packaging for export increased.
7. Administration
expenses increased by VND2,495,102,337(12.89%) as cost for the staff increased
and extra cost for depreciation of SAP-ERP system.
8.
Other expenses increased by VND1,719,034,228 due to being fined for late in tax
payment.
9.
Income from affiliates decreased by VND3,149,220,639.
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