PVR: Explanation for loss in 2013 and solutions

[Nthuyen]

On 04/04/2014, PetroVietnam Premier Recreation JSC announced explanation for loss in 2013 and solutions as follows:
1. Reasons for loss in 2013
Project CT10-11 Van Phu, Ha Dong, Hanoi was still in investment progress so PVR could not record revenue and profit. In addition in 2013, PVR extracted provision for investment of VND 2 billion and administrative expense of VND 5.6 billion. Therefore, profit in 2013 was negative.
2. Solutions:
- Focus on fastening schedule of project CT10-11 Van Phu
- Actively find potential partners and transfer ineffective projects
- Intensify marketing and sale, build business plan for each project to accord with market situation.
- Expand business line in accordance with conditions and advantages of the Company
- Restructure personnel, intensify supervision of expenses to maximize profit.

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