BHC: Explanation for the decrease in profit after tax (425.81%) in Quarter 3/2013 compared to Quarter 3/2012

According to Financial statement of quarter 3/2013 of Bien Hoa Concrete Joint Stock Company, profit after tax of Quarter 3/2013 was VND -1.847 billion, increasing 425.81% compared to quarter 3/2012 (VND -0.433 billion). On 04/11/2013, BHC announced reasons as follows:

1. Due to difficulties in finding new works, revenue in quarter 3/2013 decreased and could not offset expenses such as asset depreciation, interest expense, etc.

2. Banking borrowing interest rate decreased (10.5% compared to 13.2%) so financial activities expense decreased VND 0.229 billion.

3. In quarter 2/2013, the subsidiary company – An Hoa Co., ltd was reorganized with compact management machinery so it reduced administration expense but due to low revenue, it still got loss in business.

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