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VC5: Explanation for difference in profit after tax in consolidated FS Q.II/2013 year on year
(17 September
2013) Construction JSC No.5 explained the difference in profit after tax in
consolidated FS Q.II/2013 year on year as follows:
Profit after
tax Q.II/2013: VND 1,096,324,084
Profit after
tax Q.II/2012: VND 4,036,833,992, a decrease of VND 2,940,509,908, equivalent
to 72.84% compared to year 2012 due to:
The revenue
of Q.II/2013 declined by 42.99% compared to the same period of last year
because of the economic recession in the country. The investments decreased so
it was difficult for enterprises to sign contracts. The revenue fell so the
cost of goods sold decreased by 46.49% compared the same period of last year.
The financial
expense increased by 22.48% year on year. The reason is that the money was
transferred to the construction late while the Company still had to pay debts
to the suppliers of major construction materials such as iron, steel, oil,
cement etc. Therefore, the Company had to borrow large loans from banks that
caused the profit after tax to decrease by 72.84% year on year. HNX
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