FECON CORPORATION | SOCIALIST REPUBLIC OF VIETNAM | ||
INDEPENDENCE - FREEDOM - HAPPINESS | |||
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No: 56/2025/CV-TCKT.FECON | Ha Noi, January 26, 2025 | ||
V/v: Explanation for Variances in Profit | |||
After Tax of the Consolidated and Parent | |||
Company Financial Statements for Q4/2024 | |||
To: | - | STATE SECURITIES COMMISSION OF VIETNAM | |
- | HOCHIMINH STOCK EXCHANGE | ||
- | SHAREHOLDERS AND INVESTORS |
Company Name : FECON CORPORATION
Head Office : 15th Floor, CEO Tower, Lot HH2-1, Me Tri Ha Urban Area, Pham Hung Street, Me Tri Ward, Nam Tu Liem District, Hanoi, Vietnam.
Stock Code : FCN
FECON CORPORATION ("FECON") hereby provides an official explanation regarding the discrepancy in the post-corporate income tax profit figures in the Consolidated and Parent company income statements between Q4 2023 and Q4
2024 as follows:
Change (Q4/2024 vs. Q4/2023) | ||||
Indicator | Q4/2024 | Q4/2023 | Variance | Percentage |
(VND) | Change (%) | |||
Profit After Tax | (2.960.952.719) | (6.756.143.875) | 3.795.191.156 | 56,17% |
(Parent Company) | ||||
Profit After Tax | 28.802.754.279 | (43.644.804.163) | 72.447.558.442 | 165,99% |
(Consolidated) | ||||
The parent company's after-tax profit reduced its loss from VND 6,76 billion to VND 2,96 billion, primarily due to the following reasons:
- Financial income: Achieved VND 9,62 billion, compared to a loss of VND 1,47 billion in Q4/2023. This improvement was mainly attributed to dividends received from a subsidiary during Q4/2024.
- Other income: The parent company's profit from other activities increased due to gains from the disposal of assets.
The consolidated after-tax profit recorded a profit of VND 28,80 billion, marking an increase of VND 72,45 billion compared to the same period last year (a loss of VND 43,64 billion in Q4/2023), driven by the following factors:
- Financial income: Consolidated financial income for the period increased significantly by VND 63,59 billion, primarily driven by profit gains from project investment activities during Q4/2024.
- Additionally, in 2024, the company recognized approximately VND 4,3 billion in profits from its associated company (FECON Hoa Yen Joint Stock Company).
Yours sincerely!
Recipients: | COMPANY REPRESENTATIVE |
- As addressed above;
- Internal archives: Finance & Accounting Department, Office.
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