REE reports 106b dong loss in Q1

Friday, May 2, 2008
The Refrigerating and Electrical Engineering Shareholding Co (coded REE) recently announced its business result in the first quarter of this year with 275.26 billion dong in revenue, equalling to 149% in comparison with the same period of last year, losing 106.15 billion dong.

In the explanation document sent to the State Securities Commission (SSC), REE reported that the company lost in the first quarter due to it set aside of 160.68 billion dong for finance standby for shares with decreasing market value in comparison with the prices are being accounted on books up to March 31.

The difference between the company's total finance investment portfolio up to March 31 and the market value was 341 billion dong. Particularly, up to the end of March, the company's total finance investment capital reached 1.377 trillion dong and capital market price was 1.719 trillion dong.

This year, REE targets to earn 1.1 trillion dong in revenue and 420 billion dong from pre tax profit.