AN PHAT SECURITIES JOINT STOCK COMPANY explained the fluctuation in business result between Quarter 3/2012 and Quarter 3/2011 according to the financial statements:

- In Quarter 3/2011: (1,954,900,553) dongs

- In Quarter 3/2012: (783,835,448) dongs

- Reason:

+ In Quarter 3/2012, cost decreased VND1,545,963,454, leading to business result between Quarter 3/2012 went up over 10% compared to in Quarter 3/2011.