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PDC: Explanation for stock under alert
On
11/03/2014, Phuong Dong Petroleum Tourism JSC explained the stock under alert
as follows:
- On 31/12/2009, the Company set up the
provision 100% for the receivables from customers and the advance payment to
sellers for the debt of Duc Thuan Service and Trading Co., Ltd in amount of VND
46,750,159,723; thus, the profit after tax of the Company in 2009 was loss of
VND 59,750,159,723, the undistributed profit after tax in 2009 was VND -
57,151,952,499.
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On 31/12/2013, the Company only recovered amount of VND 78,356,769 from
decision on dividing the asset from KonTum People’s Court on the assets of Duc
Thuan Service and Trading Co., Ltd dated 13.12.2011, and decision on the
bankrupt dated 31/12/2013. On 31/12/2013, the Company set up the provision 100%
for the bad receivable from Duc Thuan Service and Trading Co., Ltd in amount of
VND 46,438,643,132. The accumulative loss of the Company on 31/12/2013 was VND
39,746,033,499.
-
The solution to overcoming the accumulative loss of the Company is that the
Company continues using the profit after tax of the Company to decrease the
accumulative loss.
HNX
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