Vinh Son - Song Hinh Hydropower Joint Stock Company (VSH: VSHPC) explained the fluctuation in profit before tax in 8 months and accumulation in 9 months of 2009:

Because Quarter III is a dry season, electricity production is lower than in Quarter II, so electricity production in Quarter III/2009 was 163.96 million Kwh and accumulation of the first 9 months was 683.3 million Kwh (accounting for 91.1% of the 2009 plan). Total revenue in Quarter III was VND63.5 billion. Accumulated profit before tax of the first nine months of 2009 was VND250.76 billion, decreasing by VND8.94 billion compared to VND259.7 billion in the first eight months of 2009. In September, the Company adjusted the deposit interest in the contract signed with Vietnam Electricity, so the financial income in Quarter III decreased and the profit before tax in Quarter III was only VND14.38 billion.

According to the 2008 Corporate Tax Law and Circular No.130/2008/TT-BTC dated 26 November 2008 by the Ministry of Finance, VSHPC had to pay income tax on revenue from financial activities. Therefore, profit after tax in Quarter III/2009 was only VND5.45 billion.