Vien Nam Land Investment Corporation (VNI) explained the difference in business result between Quarter II and Quarter III:

* In Quarter II/2009, the Company lost VND77,161,858

* In Quarter III/2009, the Company lost VND695,264,722. The cumulative loss from the beginning of 2009 was VND511,395,333.

Reason:

The Company is investing two major projects: Vinaland Tower and Saigon South Center. In Quarter III/2009, the Company’s revenue was mainly from interest of deposit, loan, and other incomes. The Company has not sold any retail real estate because the right time for business has not come, so the revenue did not increase. In every month, the Company has to pay bank-loan interest and administrative expenses although the Company applied many methods to decrease expenses.

In Quarter IV/2009, the Company will sell retail property, so revenue and profit for the whole year 2009 will be very optimistic.