PVR: Explanation for loss in 2013 and solutions

On 04/04/2014, PetroVietnam Premier Recreation JSC announced explanation for loss in 2013 and solutions as follows:

1. Reasons for loss in 2013

Project CT10-11 Van Phu, Ha Dong, Hanoi was still in investment progress so PVR could not record revenue and profit. In addition in 2013, PVR extracted provision for investment of VND 2 billion and administrative expense of VND 5.6 billion. Therefore, profit in 2013 was negative.

2. Solutions:

- Focus on fastening schedule of project CT10-11 Van Phu

- Actively find potential partners and transfer ineffective projects

- Intensify marketing and sale, build business plan for each project to accord with market situation.

- Expand business line in accordance with conditions and advantages of the Company

- Restructure personnel, intensify supervision of expenses to maximize profit.

HNX

>   PJC: General Mandate 2014 (11/04/2014)

>   PFL: Explanation for loss in 2013 and solutions (11/04/2014)

>   AAA: Board Resolution (11/04/2014)

>   VC5: General Mandate 2014 (11/04/2014)

>   IDV: Board Resolution (11/04/2014)

>   HVT: Board Resolution (11/04/2014)

>   VSM: A transaction changes ownership from 10 percent (11/04/2014)

>   ILC: Requested for explanation by HNX (11/04/2014)

>   PVR: Change in Company\u2019s address (10/04/2014)

>   ALT: Explanation for the difference in the figures in FS 2013 before and after being audited (10/04/2014)