Thanh Cong

News

EXPLAINATION ON PROFIT AFTER TAX DIFFERENCES BETWEEN CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS IN Q1/2019

Date 23/4/2019

On April 19, 2019, Thanh Cong Textile and Garment Investment Trading Joint Stock Company published the first quarter financial report of 2019 on the Company’s website. The Company would like to clarify the difference in after-tax profit between the consolidated financial statements and the parent company’s financial statements for the first quarter of 2019 as follows:

On Q1/2019, Subsidiary (Thanh Quang JSC) that Thanh Cong Textile Garment Investment Trading JSC holds 97.5%, has dissolved so the profit is transferred to the parent company with the amount of VND 21,670,923,448 according to Circular 202 on December 22, 2014, on making and presenting the consolidated financial statements – Article 30 regarding the exclusion of the dividends of the parent company from the profit after the purchase date of the subsidiary. Detail as follows: “All dividends received from profits after the purchase date from subsidiaries in the Group must be completely eliminated in the consolidated financial statements. If the parent company has not yet received this dividend or profit distributed because the subsidiary has not yet transferred the money, when the consolidated financial statements are made to be excluded the receivables or payable dividends that it be reflected in other receivables in the separate financial statements of the parent company and other payable items in the separate financial statements of subsidiaries with profit sharing.”

Therefore, the Company has complied with regulations and accounting standards. The company committed the reported data to be completely accurate and transparent.

Please also be shared more, in the General Meeting of Shareholders held on April 12, 2019, the 1/2019 quarterly data provided by the company is the data of the parent company, not the consolidated report because of its main business is from the parent company, the member companies of Thanh Cong account for a small proportion compared to the parent company.

Leave a Reply

Your email address will not be published. Required fields are marked *