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VGP: Explanation for difference in profit Q.II/2013 year on year
(16 September
2013) The Vegetexco Port JSC explained the difference in profit Q.II/2013 year
on year as follows:
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Items
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Q.II/2013
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Q.II/2012
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Difference
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Ratio
|
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Profit from
sales and services
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2,552,980,026
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2,955,066,033
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- 402,086,007
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-8,2%
|
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Profit from
financial activities
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4,634,264,349
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2,880,431,036
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1,753,833,313
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35,8%
|
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Other
profit
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10,247,148
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184,761,946
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- 174,514,798
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-3,6%
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Total
profit before tax
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7,197,491,523
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6,020,259,015
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1,177,232,508
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24,0%
|
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Current
corporate income tax
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1,795,023,018
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1,123,420,140
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- 671,602,878
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-13,7%
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Deferred
corporate income tax
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21,222,363
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-21,222,363
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-0,4%
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Profit
after corporate income tax
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5,381,246,142
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4,896,838,875
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484,407,267
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9,9%
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The profit after corporate income tax
Q.II/2013 increased by 9.9% compared to the same period of last year due to:
-
The operation of the Company met difficulties due to the
effects of the current economy; the stored products decreased in comparison
with the same period of last year. The Company still attempted to find goods
sources, reduce expenses but the net revenue from the sales and services fell
by 8.2% (-8.2%).
-
Profit from financial
activities of the same period of last year had been excluded in the expected
income from the loans but included when receiving actual income. As required by
the auditor, the Company added it to the income, which made the profit increase
by 35.8% (+35.8%) year on year.
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The last period received an amount of export tax
refund so the other income increased, the other profit of this period decreased
by 3.6% (-3.6%) compared to the same period of last year.
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In 2012, the Company received a decrease of 30% of the
payable corporate income tax, applying Circular 13/NQ-CP dated 10 May 2012. In
2013, the Company did not receive the decrease. At the same time, profit before
tax of this period increased year on year so the corporate income tax increased,
which made the profit after tax decrease by 13.7% (-13.7%).
-
The Ministry of Finance has amended regulations on posting
the accrued from exchange rate by re-evaluating the foreign currency accounts.
Therefore, this period generated the deferred corporate income tax, which made
the profit after tax decline by 0.4% (-0.4%).
HNX
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