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VFC: Explanation for Difference in Profit after tax in Separate Financial Statement and Consolidated Financial Statement 2016 On 04 Apr 2017, the Vinafco Joint Stock Company explained the difference in profit after tax in the Separate Financial Statement and Consolidated Financial Statement in 2016 as follows: Separate Financial Statement In 2016, the company focused on boosting the business operation so Revenue from sales and services increase by 61.9 billion dongs compared with that in 2015. As a result, the gross profit increased by 30 billion dongs. Revenue from financial activities increased by 21.1 billion dongs compared with that in 2015 since in 2015, the profit of 2.0 billion dongs earning from selling GMD stock while revenue from financial activities in 2016 increased due to the earnings divided from the affiliated company of 18.6 billion dongs and borrowing interest earnings of 4.5 billion dongs. Financial expense increase by 11.6 billion dongs since in 2015, the company had a decrease of 6.8 billion dongs in reverting accrual provision for long-term financial investment and in 2016, the company boosted in borrowing capital for business operation and investment, which made the borrowing expense increase by 2.2 billion dongs. Management expense rose by 4.6 billion dongs due to the increase in salary, insurance and other expenses related to training, consulting and PR. Earnings from other activities increased by 2 billion dongs due to in 2015, the company had to additionally pay land tax for 2015 and previous years but in 2016, the company only had to pay the land tax of the year. Because of those reasons, the profit after tax increased by 9.9 billion dongs compared with that in 2015. Consolidated Financial Statement Revenue from sales and services decreased by 96 billion dongs due to the decrease in revenue from transportation in Central area. As a result, gross profit decreased by 10.7 billion dongs compared with that in 2015. Revenue from financial activities increased by 3.3 billion dongs since the borrowing interest had an increase. Financial expense increased by 7.8 billion dongs since in 2016, the company boosted in borrowing capital for business operation and investment, which made the borrowing expense increase by 2.2 billion dongs and the increased borrowing expense and the company extracted provision for loss in investing in affiliated companies. Management expense rose by 4.6 billion dongs due to the increase in salary, insurance and other expenses related to training, consulting and PR. Other earnings increased by 9.9 billion dongs since the company liquidated ship. Due to those reasons, profit after tax of the company deceased by 11.9 billion dongs.