DONG A PAINT THE SOCIALIST REPUBLIC OF VIETNAM
JOINT STOCK COMPANY Independence - Freedom - Happiness
No.: 41/2025/HDA ----------------
Re: Explanation of Net Profit After
Tax Discrepancy Hanoi, August 29, 2025
To: State Securities Commission of Vietnam (SSC)
Hanoi Stock Exchange (HNX)
Based on the reviewed Semi-Annual Financial Statements (F/S) for 2025 prepared
by International Audit and Valuation Co., Ltd.,
Dong A Paint Joint Stock Company (the “Company”) would like to provide an
explanation to the esteemed Commission and the Exchange regarding the discrepancies in
certain items of the Financial Statements before and after the review as follows:
1. Difference in Net Profit After Tax (NPAT) on the reviewed consolidated Semi-
Annual Financial Statements of this year compared to the previous year:
Reviewed Semi-Annual Consolidated Financial
Difference
Statements
No. Items
From January 1, 2024 to From January 1, 2025 to Revenue Variance
Value
June 30, 2024 June 30, 2025 (%)
1 Net Sales and Service Revenue 110,942,475,296 127,757,993,643 16,815,518,347 15.2%
2 Cost of Goods Sold 61,122,496,403 75,858,799,314 14,736,302,911 24.1%
3 Financial Income 15,931,358 12,343,344,442 12,327,413,084 77378.3%
4 Financial Expenses 2,095,690,292 2,751,415,092 655,724,800 31.3%
5 Selling Expenses 33,129,143,932 33,299,377,823 170,233,891 0.5%
6 General and Administrative Expenses 10,687,699,394 11,934,404,389 1,246,704,995 11.7%
7 Total Accounting Profit Before Tax 4,434,029,176 16,578,259,906 12,144,230,730 273.9%
8 Net Profit After Tax 4,982,706,674 16,781,271,093 11,798,564,419 236.8%
The consolidated Net Profit After Tax (NPAT) for the first six months of this year
reached VND 16,781 billion, an increase of VND 11,798 billion compared to the same
period last year, equivalent to a growth rate of 236%. The main reasons are as
follows:
Net revenue from sales of goods and provision of services increased.
Specifically, net revenue for the first six months of this year reached VND 127,758
billion, up VND 16,816 billion (equivalent to a 15.2% increase) compared to the
same period last year.
Financial income rose sharply due to the reversal of goodwill amortization
expenses that had previously been recognized at the subsidiary, S’Capital Joint
Stock Company, which has since been divested.
2. Difference in Net Profit After Tax (NPAT) on the Semi-Annual Financial
Statements (Parent Company and Consolidated) before and after audit:
Unit: VNĐ
Difference
No. Items Before Audit After Audit
Percentage
Value
Variance (%)
1 Net Income After Tax of the Parent Company 3,468,303,075 4,975,159,474 1,506,856,399 43%
2 Consolidated Net Income After Tax 4,424,008,474 16,781,271,093 12,357,262,619 279%
During the audit process, certain expense items in the Financial Statements were adjusted
to ensure a true and fair reflection of the Company’s business performance for the period.
Specifically:
Offsetting of internal revenue/cost of goods sold.
Adjustment, additional recognition, and reclassification of certain selling expenses
and general & administrative expenses.
Reversal of goodwill amortization expenses relating to the subsidiary (as mentioned
in Section 1).
Re-determination of current corporate income tax expenses and deferred corporate
income tax expenses incurred during the period.
Accordingly, these adjustments resulted in differences between the Company’s Q2/2025
Financial Statements (Parent Company and Consolidated) and the reviewed Semi-Annual
Financial Statements for 2025 (Parent Company and Consolidated).
The above explanations are provided by the Company regarding the discrepancies in
certain items of the Financial Statements before and after audit, as well as the differences
in Net Profit After Tax compared to the same period last year.
The Company hereby affirms that all the above explanations are entirely truthful and
assumes full responsibility before the law.
Respectfully submitted for the consideration of the esteemed Commission and Exchange.
Sincerely,
LEGAL REPRESENTATIVE
Recipients: GENERAL DIRECTOR
As addressed above;
To be filed at HDA; (signed)
NGUYEN VAN SON
Digitally signed by HOÀNG VĂN TUÂN
DN: C=VN, S=HÀ NỘI, L=Huyện Gia Lâm, O=CÔNG TY CỔ PHẦN HÃNG SƠN ĐÔNG Á, OU=CÔNG TY CỔ PHẦN
HOÀNG VĂN TUÂN HÃNG SƠN ĐÔNG Á, T=Kế toán, CN=HOÀNG VĂN TUÂN, OID.0.9.2342.19200300.100.1.1=CMND:125005870
Reason: I am the author of this document
Location: your signing location here
Date: 2025-08-29 14:04:53
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