Last year BBT completed only 89.11% of its turnover target.
Cotton product output was not able to match the company’s sales capacity, the company said.
The low output resulted from a shortage of working capital and an insufficient amount of materials due to price hikes.
Also contributing to higher financial costs were interest payments on bank loans and allocations to reserved funds in the event prices of securities the company invested in declined. High sales cost and other expenditures compounded the problem, the company said.
BBT plans to make several adjustments to its audited 2007 financial report, which was completed on July 3, to ensure that it is accurate and that it meets accounting standards.
Le Nhi Nang, deputy general director, told Viet Nam News that BBT would organise its shareholder meeting next Monday.
During the meeting company leaders will provide shareholders with transparent information on losses as well as plans for development.
"We’ll then consider the resumption of share transactions, expected during the week," said Nang.
Under existing regulations, trading of shares of a listed firm are suspended if the company suffers losses for three years in a row. (VNS)
