On 24 Apr 2018, Interfood Shareholding Company explained the difference of over 10% in financial statement Q.I/ 2018 year on year as follows:
Net sales of Q.I/ 2018 increased by 19% year on year because the Company made efforts to optimize the sale force nationwide, take advantage of market demand in early years to raise sales.
Cost of goods sold of Q.I/ 2018 declined, accounting for 60% of net revenue compared to 67% in the last year because the Company continued to increase production, maintain material price, reduce processing expense and save costs… which made production cost dropped.
Financial income of Q.I/ 2018 fell year on year because of stable exchange rate.
Financial expense of Q.I/ 2018 decreased because of stable exchange rate, decrease in loan interest expense to 0.3% of revenue. Reason was the Company made payment for part of foreign loans with preferential interest rate of 2%/ year.
In Q.I/ 2018, the Company continued deploying sales promotion programs like discount, commission, support of stores in order to maintain sales in the quarter and the coming time. The Company prepared DMS (distribution management system), which caused sales expense to rise, accounting for 24% of net revenue (last year: 23%).
General and administrative expense dropped to 2.7%/ net revenue (last year: 2.8%) because of decrease in some operation expenses.
Other income came from liquidation of unused assets.