PXT: Explanation for business performance in Q4.2014

Petroleum Pipeline & Tank Construction JSC explained the decrease in revenue and profit in Quarter 4/2014 compared to in Quarter 4/2013 as follows:

• In Quarter 4/2014, the Company had projects such as the construction of Thi Vai LPG warehouse, rig repair works for VietsovPetro, Ca Mau gas processing plant, DMC service supply at VeitsovPetro port. Some big projects such as Thai Binh II Thermal Power Plant or the project “Improving storage capacity of LPG warehouse in Dinh Vu port (Hai Phong city)” is in the early stages of construction, so the Company has not collected revenue. This made the revenue in the quarter decrease compared to the same period of 2013. While, the borrowing expense and administrative expense still arise. Therefore, the Company’s revenue was not enough to offset expenses, leading its profit in Quarter 4/2014 to –VND15.714 billion.  

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