PNC: Explanation for business results in quarter 1.2014

Phuong Nam Cultural Joint Stock Corporation (PHUONG NAM CORP) explained business results in quarter 1/2014 as follows:

1)     Loss result in quarter 1/2014 at the parent company:

-  Realized revenue did not reach the plan and just got 87% compared with this in quarter 1/2013. This made gross profit decreasing 13% compared with this in quarter 1/2013.

-  Administrative expenses increased because outside purchasing services costs increased and depreciation of fixed assets and tools increased because Ministry of Finance changed assessment method and apportion time.

-  These made total profit before tax losing 4,740,766,992 dongs.

2)     Loss result in the 1/2014 consolidated report:

-  Revenue at subsidiaries decreased and expenses increased higher. Therefore, consolidated profit before tax lost 4,731,982,736 dongs.

HOSE

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