PSG: Explanation for difference in financial statement QIV.2012 and Quarter IV.2011
(21/01/2013) Saigon Petroleum Construction and Investment JSC explained difference in income and profit after tax in financial statement Quarter IV.2012 and Quarter IV.2011 as follows:
|
Items |
Quarter IV.2012 |
Quarter IV.2011 |
Difference |
|
Income |
14,616,210,587 |
344,697,051,413 |
(330,080,840,826) |
|
Profit after tax |
(68,448,966,061) |
(101,101,513,894) |
|
Reasons for the difference:
1. Income:
Due to difficulties in financial business in general and real estate business in particular, the Company did not sign any further contract in 2012. Production and business activities in 2012 were mainly taken on works/projects transferred from previous years, leading to loss of income.
2. Works/projects were in progress. Difficulties in capital mobilization from investors led to small amount of accounts receivable. Lack of resources to pay to credit organizations led to big outstanding loans, high interest expenses. Besides, high increase of input costs such as materials, labor led to higher costs, affecting profit after tax QIV.2012.
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