SHI: Explanation for the comprehensive profit of Quarter 4/2013

Son Ha International Corporation explained fluctuations in business results of Quarter 4/2013 compared to Quarter 3/2012, based on the comprehensive financial statements of Quarter 4/2013:

1.       Revenue: In Quarter 4/2013, SHI’s revenue decreased 24% compared to the same period of 2012 mainly because in Quarter 3/2013, revenue from exporting decreased 76%.

2.       Cost of goods sold: SHI’s cost of goods sold in Quarter 4/2013 decreased 24% compared to Quarter 4/2013.

3.       Financial expense: total financial expense increased 38%, but interest expense decreased 23% because:

In Quarter 4/2013, the firm sold 1,680,000 shares of Son Ha Sai Gon JSC, leading loss from disposal of subsidiary was VND10,080 million.

The firm made a provision for long term financial investment of subsidiary(Vinaconex): VND7.9 billion.

4.       Selling expense: Selling expense increased 53% compared to the same period of 2012 because of increases in wage expense (48%), promotion and advertising expenses  and other expenses.

5.       Profit before tax: Profit before tax in Quarter 4/2013 decreased 74% compared to Quarter 4/2012.

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